Investor Alert

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

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

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 (NYM:CL.1) was up $5.55, or 5.6%, at $105.31 a barrel on the New York Mercantile Exchange.

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