MTECHTIPS;-U.S. Crude Oil Inventories Rose by 3.58 M Barrels Last Week: EIA

MTECHTIPS;-U.S. Crude Oil Inventories Rose by 3.58 M Barrels Last Week: EIA

MTECHTIPS-U.S. crude oil inventories rose more than expected last week, adding to selling pressure on Wednesday. The EIA data showed that crude oil inventories increased by 3.58 million barrels in the week to Nov. 23. That was compared to forecasts for a stockpile build of 0.77 million barrels, after a build of 4.85 million barrels in the previous week. The EIA report also showed that gasoline inventories unexpectedly fell by 0.76 million barrels, compared to expectations for a build of 0.64 million barrels, while distillate stockpiles registered a surprise gain of 2.61 million barrels, compared to forecasts for a decrease of 0.86 million. U.S. crude prices were trading down 1.53% to $50.77 a barrel by 10:34 AM ET (15:34 GMT), compared to $51.09 prior to the publication. London-traded Brent crude futures were off 1.18% to $59.69 a barrel, compared to $59.91 ahead of the release

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