U.S. crude oil futures closed higher on Wednesday for a second straight session, after an EIA report showed U.S. crude stockpiles increased lesser than expected for the week ended February 3. Oil prices, however, trimmed early gains on a strengthening dollar against a basket of six major currencies.
Prices were also supported by optimism that a deal in Greece could materialize following discussions among its leaders on the austerity measures for a new bailout package.
Light Sweet Crude Oil futures for March delivery gained $0.30 or 0.3 percent to settle at $98.71 a barrel on the New York Mercantile Exchange on Wednesday. Crude prices had scaled a high of $100.09 a barrel intraday and a low of $98.10 a barrel.
The EIA data revealed U.S. crude oil inventories up by 300,000 barrels and gasoline stocks up 1.60 million barrels in the week ended February 3. Analysts expected crude oil inventories to gain 2.40 million barrels and gasoline stocks to rise by 700,000 barrels last week.
The EIA data, however, contrasts with the API report which indicated U.S crude oil inventories dropped 4.5 million barrels, while gasoline stocks rose 4.4 million barrels in the weekended February 03.
The dollar index, which tracks the U.S. unit against six major currencies, rose marginally to 78.558 on Wednesday from 78.552 in late Tuesday trade.
The euro dropped from a 2-month intraday high to trade at $1.3273 on Wednesday, down from $1.3256 late Tuesday. The euro scaled a high of $1.3288 in intraday trading earlier this morning.
In economic news, German industrial production declined unexpectedly in December, data from the Federal Ministry of Economy and Technology revealed.
Production dipped 2.9 percent from November, when it remained flat. Economists were expecting it to show nil growth as seen in the prior month.
Germany's trade surplus declined to euro 12.9 billion in December from euro 15.9 in November. Economists had forecast a decline to euro 13.7 billion.
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Market Analysis
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.