WTI futures rise after weekly US oil stockpile data

Weekly US oil inventories rose slightly during the latest reference week, albeit alongside sharp drops in product stockpiles.

Commercial crude oil inventories rose by 0.9m barrels during the week ending on 24 March, according to the Energy Information Administration, the Department of Energy's statistical arm.

Gasoline inventories on the other hand fell by 3.7m barrels, while those of distillates decreased by 2.5m barrels.

Imports ran at 8.2m b/d that week, a decline of 83,000 barrels a day when compared to the week before.

Refineries operated at 89.3% of their operating capacity last week.

Judging by the reaction in crude oil futures to Wednesday's inventory data, Capital Economics's Joseph Oyegoke said markets had chosen to focus instead on rising refinery runs (as many came out of maintenance), higher exports and strong demand for products.

Also of interest according to Oyegoke is the fact that US oil production in fact rose by 18,000 barrels a day, although net imports acted as an offset, as shale production increased.

As of 1602 GMT front month West Texas Intermediate crude oil futures were up by 1.59% to $49.11 per barrel on the ICE.