Crude-oil prices climbed above $93 U.S. a barrel Wednesday, as gasoline futures led the energy complex higher following a bigger-than-expected decline in the fuel’s U.S. inventories last week.
Crude oil for April delivery rose 47 cents, or 0.5%, to $93.01 U.S. a barrel on the New York Mercantile Exchange, though was off the session’s high of $93.40 U.S. The move added to the contract’s 48-cent advance Tuesday amid optimism about the U.S. energy-demand outlook.
Gasoline futures saw the biggest climb in the petroleum sector, with April gasoline advancing nearly three cents, or 0.8%, to $3.18 U.S. a gallon, while April heating oil was little changed at $2.95 U.S. a gallon.
Early Wednesday, the U.S. Energy Information Administration reported a 2.6-million-barrel climb in crude inventories for the week ended March 8.
That compared with the 2.3 million-barrel rise expected by analysts polled by Platts, though API data released late Tuesday had shown an unexpected 1.4-million-barrel drop in crude supplies.
Motor gasoline supplies decreased by 3.6 million barrels, while distillate stockpiles rose by 100,000 barrels, the EIA report said. Analysts expected a decline of 1.5 million barrels for gasoline stockpiles and a 2 million-barrel fall in distillate supplies.
U.S. data showed U.S. retail sales rose by a stronger-than-expected 1.1% in February.
In London, Brent crude for April delivery lost 26 cents, or 0.2%, to $109.39 U.S. a barrel, carrying on from a 57-cent drop Tuesday.
The International Energy Agency on Wednesday continued to ease its forecast for global oil demand while increasing its projection for supply growth.
On Tuesday, the Organization of the Petroleum Exporting Countries published its monthly report, leaving its global-demand forecast unchanged, though it cut the projected demand for OPEC oil.
Rounding out action in energy futures, April natural gas rose one cent, or 0.4%, to $3.66 U.S. per million British thermal units.
The EIA will issue its weekly update on natural-gas supplies on Thursday. Prestige Economics is looking for a decline of 138 billion cubic feet.
