WASHINGTON (dpa-AFX) - Despite data showing an increase in U.S. crude inventories, crude oil futures ended higher on Thursday, driven by reports the U.S. may impose sanctions on Venezuela's crude exports.
Worries about demand growth due to global economic slowdown limited oil's rise. Earlier this week, the International Monetary Fund cut its world economic growth forecasts for 2019 and 2020, citing the U.S.-China trade conflict and Britain's exit from the European Union.
Crude oil futures for March ended up $0.51, or about 1%, at $53.13 a barrel. On Wednesday, crude oil futures ended down $0.39, or 0.7%, at $52.62 a barrel, well off the day's low of $51.87.
Data released by the American Petroleum Institute on Wednesday afternoon showed a large surprise crude oil inventory build of 6.6 million barrels for the week ending January 18. Analysts expected a decrease of 42,000 barrels for the week.
The U.S. Energy Information Administration released its weekly oil data today. The report showed U.S. crude inventories rose by 8 million barrels last week, much higher than forecasts.
Gasoline stocks were up for the eighth straight week to a record 259.7 million barrels after demand for motor fuel dropped last month, compared to a year ago.
Distillate stockpiles, including diesel and heating oil, declined by 617,000 barrels, nearly thrice the expected drop, the data from EIA showed. The report also said crude stocks at the Cushing, Oklahoma, delivery hub fell by 190,000 barrels.
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