Oil Pares Gains After U.S. Crude Stockpiles Build
Oil pared gains on Wednesday, but were still in the green, after industry data revealed a larger-than-expected build in U.S. crude stockpiles.
Oil pared gains on Wednesday, but were still in the green at last check, after industry data revealed a larger-than-expected build in U.S. crude stockpiles.
Domestic crude inventories rose by 6.5 million barrels for the week ending Jan. 27, pushing crude stockpiles to 494.8 million barrels.
Meanwhile, refinery crude runs fell by 100,000 barrels a day as utilization dropped to 88.2%.
Oil prices were supported after Russia and OPEC producers appear to remain committed to its promised production cuts for the first half of 2017.
