Crude Oil Price Gains Despite Another Large Inventory Build

fuqin’ with reality . . . when capitalistic measures of markets are manipulated, we do not have a free market we have gangsters and manipulators. #EndFossilFuelsNOW!

24/7 Wall St.

186723229The U.S. Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning. U.S. commercial crude inventories increased by 8.17 million barrels last week, maintaining a total U.S. commercial crude inventory of 466.7 million barrels, the tenth consecutive week of a higher total than at any time in at least 80 years.

What is interesting is that the price of crude oil fell in the first 15 minutes after the 10:30 a.m. release, but 90 minutes later the price of crude had recovered all of its post-news losses and was back above $48.

Crude prices have gained more than $2 a barrel in the past week, with a lot of the gain due to a weakening dollar. A potential agreement with Iran — which may or may not occur by the end of March — could cause prices to drop sharply again if traders think that a gusher is on…

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