Brent Oil down below $110 from Small Stockpile Build

U.S. crude oil dipped early on Thursday after rising the previous day when the contract was supported by a surprisingly small build in crude inventories.

U.S. crude futures for April delivery were down 28 cents at $102.31 a barrel by 0000 GMT, after finishing 76 cents higher on Wednesday.  Brent crude finished a cent higher at $109.52 a barrel on Wednesday.

U.S. gasoline inventories fell much more than expected last week as mild weather coaxed more drivers back on the roads, while crude stockpiles rose only slightly, data from the Energy Information Administration (EIA) showed on Wednesday.

CNBC

Content is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.