Crude oil futures held were fairly static Wednesday morning, after the U.S. government reported weekly crude oil inventories rose less than an earlier reading suggested.
Figures released Wednesday by the Energy Information Administration show U.S. commercial crude stockpiles increased by 961,000 barrels in the week through Nov. 20 to 488.2 million.
Moreover, data from the industry group known as the American Petroleum Institute on Tuesday showed that U.S. crude stocks rose by 2.6 million barrels last week, or more than double analysts' expectations for a hike of 1.2 million barrels.
Meanwhile, gasoline inventories jumped by 2.5 million barrels, and distillate fuel stocks were up one million barrels.
Prices had fallen back toward $45.00 U.S. per barrel on Wednesday as the greenback gained strength and investor focus shifted back to a deep global supply glut.
OPEC has stated its intention to keep pumping oil vigorously despite the resulting financial strain, and heightening fears prices may slump further towards $20.00 U.S.
