Oil Inventories Rise; Crude Tops $87 a Barrel
Inventories of crude oil, gasoline and distillate fuel all rose last week, the Energy Department reported Wednesday, following Tuesday’s closing-price crude oil record of more than $87 a barrel.
Benchmark light sweet crude oil futures closed at $87.61 a barrel on the New York Mercantile Exchange Tuesday, breaking Monday’s record of $86.13, Bloomberg reported.
The previous Nymex record had been $83.32 a barrel, set on Sept. 20, according to Bloomberg figures.
Crude remained at more than $87 in early trading Wednesday, Bloomberg said.
Crude oil inventories rose by 1.8 million barrels last week, while gasoline rose by 2.8 million, DOE said in its weekly inventory report. Both were above analysts’ forecasts, Bloomberg reported.
Distillates, which include diesel fuel, gained 1 million barrels, versus an expected decline, Bloomberg said.
