Oil is rising after US supply numbers come in higher than expected

Oil prices are rising after higher than expected oil inventory numbers.

Data from the Energy Information Administration show a slight increase of 0.118 million barrels, compared to Wall Street’s expected draw of 2.585 million barrels from the US commercial crude inventories.

The previous report showed a reduction of 2.451 million barrels.

Oil is rising after the news. Futures for West Texas Intermediate are up 0.45% after the news, and Brent oil futures are up 0.60%.

The price increase is sending oil away from $40, which one Wall Street bank thinks could be the limit that sends a lot of companies’ profits into a tailspin.

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source
Markets Insider