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Oil prices despite buildup in U.S. crude stocks
West Texas Intermediate futures for December delivery climbed to $45.42 (+0.49%), while Brent crude rose to $48.12 (+.56%) despite a greater-than-expected buildup in U.S. crude stocks.
The U.S. Energy Administration reported on Wednesday that U.S. crude inventories rose by 8 million barrels in the week ending October 16. However oil prices rose amid a weaker dollar, because it's a dollar denominated commodity. Analysts say that these gains are unlikely to reverse the general down trend, because global oversupply persists.
Meanwhile officials said that yesterday's meeting of the Organization of the Petroleum Exporting Countries and non-OPEC oil producers failed to result in any agreement to take steps to raise prices.
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