Oil Holds Over $100 a Barrel as Inventories Rise
Oil held over $100 a barrel for a sixth trading day Wednesday as inventories rose last week, Bloomberg reported.
Crude futures slipped 79 cents to finish the trading day at $100.49 a barrel, after earlier in the day topping $101 per barrel, Bloomberg said.
The Department of Energy, meanwhile, said Wednesday that inventories of crude oil, gasoline and distillates all rose last week.
Crude stockpiles rose 1.3 million barrels for the week ended Saturday, in contrast to a 1.3 million barrel decline forecast by analysts, Bloomberg said.
Distillate inventories, which include diesel, gained 2.5 million barrels and gasoline supplies jumped 5.2 million barrels, DOE said in its weekly report.
Oil has closed over the $100 mark every day since Wednesday. Prior to that, the only time futures finished over that level since was on Nov. 16, when they closed at $102.59 a barrel.
