The price of crude oil futures slipped for the first time in six trading sessions on Thursday amid a federal report from the U.S. indicating inventories in the nation last week advanced to the highest levels in five months, according to Bloomberg.
Supplies of the energy commodity likely pushed up 1.35 million barrels to amount to 340.4 million barrels during the seven-day period leading up to February 17, a Bloomberg poll indicates. The U.S. Energy Department is preparing for the release of a report on Thursday, which comes after the American Petroleum Institute indicated on Wednesday that stockpiles rose to their highest level in four months.
"People are worried that the DOE will report a build after yesterday's API number," analyst Phil Flynn with PFGBest in Chicago told the news service. "The fundamentals still don't look good."
At 11:07 a.m. on Thursday, crude oil futures edged up 0.02 percent, a 2 cent rise to $122.92 per barrel.
The Wall Street Journal reports the price of crude oil futures initially gained after a poll indicated business confidence in Germany, host of the biggest economy in the embattled euro zone, improved more than anticipated thus far this month.
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