Crude Oil Rises as Inventories climbed, gasoline and distillate stocks dropped
NEW YORK - Oil futures rose today after the Energy Information Administration reported crude stocks rose more than forecast.
High gas prices aid prop-plane comebackA weekly report released on Wednesday showed U.S. crude stockpiles rose 2.4 million barrels surpassing analysts forecasts ranging from 1.2 to 1.5 million barrels, on the week ended April 18.
Gasoline stocks declined 3.2 million barrels and distillate stocks declined 1.4 million barrels according to the EIA.
Crude futures for June delivery rose 3 cents or 0.03 percent to $118.10 a barrel on the New York Mercantile Exchange by 1:38 p.m.
The May contract expired yesterday and settled to $119.37 a barrel.
Earlier crude futures declined as the dollar rallied as the euro traded at $1.59 compared to a record of $1.6018 reached Tuesday.
A stronger dollar makes commodities denominated in the U.S. currency more expensive for foreign buyers. On the contrary when dollar falls investors tend to increase demand for oil as hedge against inflation.
Brent crude futures rose 22 cents or 0.19 percent to $115.83 a barrel on the London ICE Futures Exchange.
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