Crude Oil Gains Despite Growth of US Stockpiles
Crude oil gained today even though US stockpiles continued to grow. The positive market sentiment led to belief that demand for fuel will rise as global economy continues to grow.
US inventories of crude expanded by 1.1 million barrels last week from a week ago, when they rose 4.1 million barrels. Analysts have predicted growth by 2.4 million.
Nevertheless, growing reserves did not hurt oil. Traders were willing to risk and buy commodities after Federal Reserve Chairman Ben Bernanke signaled that he is not going to end the quantitative easing program soon. Moreover, Italy achieved the maximum target at its debt auction, reducing fears that the inconclusive outcome of the election will be disastrous for the country.
April futures for delivery of WTI crude oil advanced $0.33 (0.36 percent) to $93.09 per barrel as of 3:23 GMT on NYMEX today. Contract for Brent crude rose $0.42 (0.38 percent) to $112.29 per barrel on ICE.
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