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May 11, 2022, 10:46 a.m. EDT

Oil futures remain higher despite 8.5 million barrel rise in crude inventories

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By William Watts


Oil futures held on to gains Wednesday despite a large and unexpected rise in crude inventories. The Energy Information Administration said U.S. crude stocks rose 8.5 million barrels last week. Analysts surveyed by S&P Global Commodity Insights, on average, had looked for a fall of 1.8 million barrels. Gasoline inventories were down 3.6 million barrels, compared with expectations for a fall of 1.9 million barrels; distillate stocks fell 900,000 barrels versus a forecast for a 1.6 million barrel drop. West Texas Intermediate crude for June delivery /zigman2/quotes/211629951/delayed CL.1 +1.14% was up $5.55, or 5.6%, at $105.31 a barrel on the New York Mercantile Exchange.

US : U.S.: Nymex
$ 100.63
+1.13 +1.14%
Volume: 5,027
July 5, 2022 6:46p

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