The EIA has reported a build in US crude oil inventories in the week ending February 14 of 414,000 barrels. Expectations stood at an increase of 2.494 million. A lower increase in stored petrol is positive for oil prices.
WTI Crude Oil extends its gains above $54.50.
Distillates are down 635K compared to 1,600K expected and gasoline is down 1,971K versus an increase of 200K.
Refinery utilization is up 1.4% compared to an expected decrease of 0.65%.
Oil prices have been on a recovery path after falling in response to the coronavirus health crisis.
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