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Oil prices retreated
West Texas Intermediate futures for April delivery is currently at $32.12 (-0.09%), while Brent crude is at $34.36 (-0.15%). Crude oil prices rose on Wednesday as market participants assessed a report on U.S. crude oil inventories. The Energy Information Administration reported that crude oil inventories rose by 3.5 million barrels in the week ended February 19. Investors looked beyond this increase and welcomed declines in stocks of refined products: gasoline and distillate stockpiles fell by 2.2 million barrels and 1.7 million barrels respectively. However concerns over the persistent supply glut outweighed optimism about declining gasoline inventories and weighed on prices.
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