Oil gains on smaller-than-expected rise in crude stocks

Oil gains on smaller-than-expected rise in crude stocks

Oil prices rose more than 1% this morning on a smaller-than-expected rise in crude oil inventories in the United States.

Brent crude rose by 1.6%, to $51.96 per barrel by 05:36 GMT, while U.S. West Texas Intermediate (WTI) was up 1.4% to $47.45 per barrel.

The Energy Information Administration (EIA) reported overnight that U.S. stockpiles of crude oil rose less than analysts expected last week.

Oil inventories rose by 785,000 barrels for the week ended Feb. 28, the EIA said. That compared with expectations for a build of 2.64 million barrels, according to forecasts compiled by Investing.com.

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