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.
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.
- Markets Insider