Oil ends higher for the session; traders continue to weigh supply and demand prospects
Oil futures shook off earlier weakness to finish with a gain on Wednesday (http://www.marketwatch.com/story/oil-prices-rise-after-industry-data-shows-fall-in-crude-inventories-11617798013). The Energy Information Administration had reported a 3.5 million-barrel fall (http://www.marketwatch.com/story/eia-reports-a-more-than-3-million-barrel-weekly-fall-in-us-crude-supplies-but-product-stocks-rise-2021-04-07) in weekly U.S. crude supplies, but increases in gasoline and distillate inventories were much larger than the market expected. Once traders "looked beneath the sticker shock" of a weekly rise in total petroleum stocks, "the report generally seemed positive and showed a tightening market," said Manish Raj, chief financial officer at Velandera Energy. The market is also "still recovering from an unwarranted drop on Monday, which created a buying opportunity as traders looked to buy the dip." West Texas Intermediate crude for May delivery rose 44 cents, or 0.7%, to settle at $59.77 a barrel on the New York Mercantile Exchange.
-Myra P. Saefong; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
April 07, 2021 14:38 ET (18:38 GMT)
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