Commentary from the U.S. Energy Information Administration about generation of oil prompted minimal changes on Wednesday, according to Bloomberg.
Generation of the energy commodity rose to its top level in 20 years last week, pushing to its highest level since December 1992, according to the statistical unit of the U.S. Energy Department. Generation increased to 7.06 million barrels per day earlier this month.
“The report left the market at a pretty even keel,” co-portfolio manager Marshall Berol with the Encompass Fund in San Francisco told the news source on Wednesday. “Crude output and inventories are rising while demand edges higher.”
At 1:22 p.m. on Wednesday, West Texas Intermediate crude oil futures edged up 0.02 percent, a 2-cent gain to $97.51 per barrel. At 1:21 p.m., Brent crude oil futures rose 0.21 percent, a quarter gain to $118.91 per barrel.
Dow Jones Newswires reports inventories in Cushing, Oklahoma, fell last week by roughly 1.2 million barrels, which might be an indication about large amounts of the energy commodity that are in the Midwest.
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