Oil prices rose on Thursday even after a government report showed an unexpected increase in U.S. crude supplies. Brent crude futures were up about 2.9% at $95.48 a barrel in early afternoon trading, from Wednesday’s settlement of $92.76. U.S. West Texas Intermediate rose about 2.1% to $88.39, from $86.53.
U.S. commercial crude inventories rose by 4.7 million barrels to 414.4 million barrels in the week ended Nov. 6, the Energy Information Administration said. Analysts in a Reuters poll had expected a draw of about 1.1 million barrels. Gasoline stocks rose 1.8 million barrels to 210.8 million, and distillate stocks, which include diesel and heating oil, rose 4.1 million barrels to 103.3 million. The report came a day later than usual because of Veterans Day.
Prices had risen earlier after President Donald Trump said, “We don’t need a deal with Iran,” CNBC reported.
These are early-afternoon prices and may change by the settlement.
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