The Energy Information Administration reported on Thursday that U.S. crude inventories rose by 4.5 million barrels for the week ended Feb. 18. On average, analysts had forecast a decline of 300,000 barrels, according to a poll conducted by S&P Global Platts. The American Petroleum Institute on Wednesday reported a 6 million-barrel increase, according to sources. Weekly inventory data were released a day later than usual due to Monday’s Presidents’ Day holiday. The EIA also reported weekly inventory declines of 600,000 barrels each for gasoline and distillates. The S&P Global Platts survey expected supply declines of 1.1 million barrels each for gasoline and distillates. The EIA data showed crude stocks at the Cushing, Okla., Nymex delivery hub fell by 2 million barrels for the week. April West Texas Intermediate crude was up $5.26, or 5.7%, at $97.36 a barrel on the New York Mercantile Exchange. It traded at $97.14 before the supply data, finding support as Russia’s invasion of Ukraine threatens global supplies of oil.
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