By Kim Khan
Stockpiles of U.S. crude oil rose less than traders expected last week, the Energy Information Administration reported Wednesday.
Oil prices added to small gains after the report came out.
Oil inventories climbed by 452,000 barrels for the week ended Feb. 21, the EIA said. That compared with expectations for a build of 2 million barrels, according to forecasts compiled by .
Gasoline inventories dropped by 2.7 million barrels, versus forecasts for a decline of about 2.25 million barrels. Distillate stockpiles fell by 2.1 million barrels, compared with expectations for a drawdown of 1.71 million barrels.
WTI futures rose 0.4%. They were up about 0.25% before the numbers arrived.
"Once again, we have an EIA dataset that’s better than what the market thought, yet the final outcome for prices will likely be determined by pandemic fundamentals rather than crude fundamentals," analyst Barani Krishnan said.
"On that score, the new surge in the virus scare this morning will likely be a firewall for any rebound you see on crude, Wall Street’s rally notwithstanding," Krishnan added.
