Oil Rises Following DOE Report
Crude oil prices rose Thursday to their highest level in 11 weeks, on continued concerns over U.S. refinery capacity and output, Bloomberg reported.
Benchmark light sweet crude oil prices gained $1.65 to close at $67.65 on the New York Mercantile Exchange, Bloomberg said.
Futures touched $67.89 earlier in the day, before receding. Wednesday was just the second time since April that the price closed at more than $66, and Thursday the third.
DOE’s weekly inventories report released Wednesday showed that while gasoline, crude oil and distillate inventories all rose modestly last week, the 89.2% capacity rate by refineries was the lowest rate in 15 years for this time of the year, Bloomberg reported.
Gasoline stockpiles gained 3,000 barrels last week, crude inventories rose 82,000 barrels and distillates, which include diesel, gained 287,000 barrels, DOE said.
