Oil Prices Rise Despite Surprise U.S. Stockpile Gain; Production Up

Investor Business Daily | Bill Peters
Growing global energy demand is being met with a rise in West Texas shale oil production.
Oil prices finished higher Wednesday despite a surprise increase in U.S. crude supplies last week and another fresh high in crude production. The Energy Information Administration said U.S. crude inventories rose by 2.2 million barrels during the week ending April 20. Analysts polled by S&P Global Platts had forecast the government to report a 1.1 million-barrel drop in the nation’s oil stockpiles. On Tuesday, data from the American Petroleum Institute, a trade group, showed that crude supply increased 1.1 million barrels last week. Domestic production last week rose to 10.59 million barrels per day, a 46,000 barrel increase, according to EIA.
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