Oil Edges Up On Strong China Data, But Rising US Output Caps Gains

Oil prices edged up on Wednesday after posting two days of declines at the start of the week. Support came from a report that U.S. crude inventories are not rising as much as expected during the spring season now starting, implying healthy demand, and from strong China data. U.S. West Texas Intermediate (WTI) crude futures were at $60.84 a barrel at 0225 GMT, up 13 cents, or 0.2 percent, from their previous close.
Brent crude futures were at $64.74 per barrel, up 10 cents, or 0.15 percent. U.S. crude inventories rose by 1.2 million barrels in the week to March 9, to 428 million barrels, the American Petroleum Institute said on Tuesday. That compared with analysts’ expectations for an increase of 2 million barrels. For More Information Please Visit : www.paceresearchindia.com and Call : 8817774774