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Oil Update: US Stock Inventories add to Oil Price worries

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Data for US oil inventories continue to add to the oil price worries, as recent data suggests that inventories rose for first time in 10 weeks.

However, prices rose after the data from EIA regarding oil stockpiles brought the prices down a 1 month low.

U.S. crude futures were up 24 cents, or 0.5 percent, at $45.98 a barrel at 0026 GMT. On Wednesday. They closed down 5 percent, or $2.47 a barrel, in the previous session to the lowest settlement since May 4.

Brent crude prices were 29 cents, or 0.6 percent, higher at a $48.35 a barrel, having fallen 4 percent in the previous session, also the lowest since May 4.

U.S. stocks of crude oil and gasoline surprisingly rose last week as refinery runs declined and exports fell, official data showed on Wednesday.

Crude inventories rose by 3.3 million barrels in the week ended June 2, compared with expectations for a decrease of 3.5 million barrels, the Energy Information Administration said.

Posted on: 2017-06-08T13:59:00+05:00