Oil prices are rising after higher than expected oil inventory numbers.
Oil is rising after US supply numbers come in higher than expected (WTI)
Data from the Energy Information Administration shows a slight increase of 0.118 million barrels.
Data from the Energy Information Administration show a slight increase of 0.118 million barrels, compared to Wall Street's expected draw of 2.585 million barrels from the US commercial crude inventories.
The previous report showed a reduction of 2.451 million barrels.
Oil is rising after the news. Futures for West Texas Intermediate are up 0.45% after the news, and Brent oil futures are up 0.60%.
The price increase is sending oil away from $40, which one Wall Street bank thinks could be the limit that sends a lot of companies' profits into a tailspin.
JOIN OUR PULSE COMMUNITY!
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng