Tokyo, 14 April, /AJMEDIA
Oil prices rose on Wednesday despite data showing a hefty increase in U.S. crude stockpiles, AJMEDIA reports citing Xinhua.
The West Texas Intermediate for May delivery added 3.65 U.S. dollars, or 3.6 percent, to settle at 104.25 U.S. dollars a barrel on the New York Mercantile Exchange. Brent crude for June delivery increased 4.14 dollars, or 4 percent, to close at 108.78 dollars a barrel on the London ICE Futures Exchange.
U.S. crude inventories increased by 9.4 million barrels during the week ending April 8, the Energy Information Administration (EIA) reported on Wednesday. Analysts surveyed by S&P Global Platts had forecast the EIA publications to show a climb of 300,000 barrels in U.S. crude supplies.
According to the EIA, total motor gasoline inventories decreased by 3.6 million barrels last week, while distillate fuel inventories decreased by 2.9 million barrels.
