Crude Oil Closed Higher- U.S. Crude Oil Inventories Increased Less Than Expected

Crude oil futures closed higher on Wednesday (April 26) as U.S. crude inventories rose lower than analysts expected. In contrast, gasoline and refined oil inventories declined.

  • WTI crude futures were up 32 cents, or 0.3%, at $102.02 a barrel.
  • BRENT crude futures were up 33 cents, or 0.3%, at $105.32 a barrel.

Crude oil futures are rallying after the U.S. government’s Energy Information Administration (EIA) reported that U.S. crude oil inventories rose by only 692,000 barrels last week. Analysts expected an increase of 2 million barrels.

Gasoline inventories fell by 1.6 million barrels last week, and distillate inventories, including heating oil and diesel, fell by 1.4 million barrels.

However, the oil market continues to be weighed down by concerns that the ongoing Chinese lockdown of Shanghai will hurt economic activity and oil demand.

The strength of the dollar also affected the oil market last night. This is because a strong dollar makes oil contracts more expensive for investors holding other currencies.

The dollar index against the six major currencies of a basket of currencies rose 0.63% to 102.9540.

The Spot Market is Open

Thursday, April 28, 2022

Energy
Updated at
USD
Price

Change

%Change
Crude Oil
11.00

100.51

-1.51

-1.48%

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