Crude oil settles at three-month high despite surprise inventory build
Crude oil futures (CL1:COM) reversed losses to shut higher, helped by weak point in the greenback that followed the Federal Reserve's pledge to keep interest costs near 0 through 2022.
WTI July crude settled +1.7% at a three-month high $39.60/bbl, after touching an in advance low of $37.73/bbl; August Brent +1.3% to $41.73/bbl.
Prices shrugged off oversupply concerns, as the weekly EIA crude oil inventory document confirmed a surprisingly large 5.7M-barrel build in stockpiles to 538.1M barrels, the best level on record in information going lower back to 1982.
Supplies rose as crude refinery runs "continue to be stymied by way of subdued product demand," ClipperData's Matt Smith instructed MarketWatch, and oil imports rose even as exports fell, contributing to the deliver build.
But notwithstanding crude's gains, strength equities (XLE -4.9%) never picked up the slack, completing at the lowest of today's S&P region standings.
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