Crude oil prices hit fresh 1-week lows sub $49 a barrel after EIA data showed crude inventories increase more than expected last week.
Crude oil inventories rose 4.87 million barrels in the February 6 week according to the Energy Information Administration, against expectations of a 3.73 million increase. Yesterday afternoon’s API data came in with a 1.6 million barrel rise.
Crude oil fell to a 6-day low of $48.78 a barrel before bouncing back to the $49.40/bbl zone, where it trades at time of writing, still down 3% on the day.
Crude oil inventories rose 4.87 million barrels in the February 6 week according to the Energy Information Administration, against expectations of a 3.73 million increase. Yesterday afternoon’s API data came in with a 1.6 million barrel rise.
Crude oil fell to a 6-day low of $48.78 a barrel before bouncing back to the $49.40/bbl zone, where it trades at time of writing, still down 3% on the day.
