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Crude Oil Drops As Inventories Rise

Crude oil prices rose Wednesday after the government reported a second consecutive increase in U.S. oil inventories.

The Energy Information Administration reported a 2.4-million-barrel build in crude oil inventories for last week, versus expectations for a 2.7-million-barrel build.

Also, gasoline inventories declined by 800,000 barrels last week.

A report released by payroll processor ADP on Wednesday showed private sector employment in the U.S. increased by more than expected in the month of February.

ADP said employment in the private sector jumped by 235,000 jobs in February after surging up by a revised 244,000 jobs in January.

Crude oil futures fell Wednesday amid speculation that U.S. oil production will rise sharply.

The U.S. Energy Information Administration boosted its 2018 and 2019 forecasts on U.S. crude-oil production, according to the agency's monthly Short-Term Energy Outlook report released Tuesday.

WTI light sweet crude oil was down $1.43 to $61.17 a barrel.

"It feels like we're in a $50-$65 world for a couple of years," BP CEO Mr. Dudley told the CERAWeek energy conference in Houston.

by RTTNews Staff Writer

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