Oil prices bounce back despite rise in crude inventories

Oil prices have appeared to have stabilized since the beginning of February and many believe that the market has found a bottom for now.

U.S. West Texas Intermediate (WTI) crude futures gained over a third in value since Feb. 11, when prices dropped to little more than $26 per barrels, levels not seen since 2003. Prices edged up on Thursday at around $34.73 per barrel early in the Asian session. Meanwhile Brent futures were up 3 cents at 36.96 a barrel.

Oil prices are up today despite a crude inventories report out on Wednesday showing an increase that was much more than forecast. A report by the International Energy Agency (IEA) showed US crude inventories rose 2 percent last week, or 10.4 million barrels, to a fresh record of 517.98 million barrels last week. Expectations were for around 2.5 million barrels.

Immediately after the data oil price fell. West Texas Intermediate, the US benchmark, which was flat ahead of the report, dropped to $33.67 a barrel while Brent crude fell 1.7 per cent to $36.16 a barrel.

The post Oil prices bounce back despite rise in crude inventories appeared first on FXTM Blog.

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