Oil Prices Extend Gains as Crude Stockpiles Rise Less Than Expected
Oil prices extended gains on Thursday in Asia for a third day running after the Energy Information Administration (EIA) weekly report showed crude stockpiles rose less than expected.
New York-traded Crude Oil WTI Futures were up 0.6% at $54.56 per barrel by 1:15 AM ET (06:15 GMT), after hitting a session peak of $54.92 on Wednesday. The last time WTI hit such highs was on Nov. 20.
London-traded Brent Oil Futures, the global oil benchmark, were also up 0.8% at $62.06.
U.S. crude inventories rose 919,000 barrels for the week ended Jan. 25 versus analysts’ expectations for an increase of 3.2 million barrels, the EIA said.
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