MW: U.S. crude inventories rise for sixth week to 18-month high
U.S. crude inventories rose for a sixth straight week, up 7.2 million barrels to an 18-month high of 346.1 million barrels in the week ended Jan. 30, the Energy Information Administration reported Wednesday. The gain was much higher than the 2.9 million increase expected by analysts surveyed by energy information advisor Platts. After the data, crude for March delivery reduced gains, up 0.5% to $41 a barrel on the New York Mercantile Exchange. It was up 2% before the data. The EIA also reported that inventories at Cushing, Okla., the delivery point of Nymex futures, rose to a new record level of 34.3 million barrels. Meanwhile, gasoline inventories rose by 300,000 barrels and distillate stockpiles fell by 1.4 million barrels in the same week, the EIA reported.
