Investing.com - U.S. Oil inventories rose more than expected last week, according to the latest data from the Energy Information Administration, and oil prices pared early gains as a result.
The EIA said crude inventories rose by about 2.9 million barrels for the week ended Oct. 4. Analysts were expecting a rise of 1.4 million, according to forecasts compiled by Investing.com.
Gasoline inventories sank by 1.2 million barrels, versus expectations for a drop of about 260,000. Distillate stockpiles dropped by about 3.9 million barrels, compared with forecasts for a decline of about 2.1 million.
WTI futures were up 0.9% at $53.09. They were up more than 1%, trading around $53.20 just before the report was released.