Crude Oil Rises Despite Strong Inventory Report
rude oil prices rebounded after falling below $49 a barrel in intraday trading Wednesday following a Department of Energy report showing the strongest inventory levels in almost five years.
DOE reported in its weekly inventory tally that crude oil stockpiles surged 2.7 million barrels to 327 million barrels for the week ended April 29. It was the highest level since July 1999, Bloomberg reported.
Light sweet crude oil prices rose 65 cents on the New York Mercantile Exchange to close at $50.15 a barrel after falling to $48.90 earlier Wednesday, on speculation that stock levels might not be enough to satisfy U.S. demand later this year, Bloomberg said.
Distillate inventories, which include diesel, fell by 300,000 barrels, DOE said.
