Crude oil futures settle higher on Wednesday
The EIA said crude oil inventories climbed by 3.5 million barrels last week after surging by 16.0 million barrels in the previous week
Crude oil futures settled higher on Wednesday as the Iran crisis continued to disrupt supplies from major West Asian markets. Traders took note of the Energy Information Administration (EIA) released a report showing that crude oil inventories saw further upside in the week ended February 27. The EIA said crude oil inventories climbed by 3.5 million barrels last week after surging by 16.0 million barrels in the previous week. The street had expected crude oil inventories to rise by 2.2 million barrels.
Benchmark crude oil futures for April delivery rose $0.10 or 0.13% to settle at $74.66 a barrel on the New York Mercantile Exchange. Brent crude for May delivery remain unchanged from its previous close of $81.40 a barrel on London's Intercontinental Exchange.
