Oil Prices Steady Amid Rising Crude Inventories

As refineries along the Gulf Coast slowly resume normal
operations, there was no surprise in this week’s EIA inventory
report: a build of 4.6 million barrels of crude oil. The figure was
higher than the 4.022 million barrels that analysts expected after
the shutdown of a large portion of the United States’ refining
capacity because of Hurricane Harvey. That US crude oil inventories
would increase in the wake of Hurricane Harvey was largely
anticipated, with some saying as much as 40-60 million barrels
could be added to inventory while…

As refineries along the Gulf Coast slowly resume normal
operations, there was no surprise in this week’s EIA inventory
report: a build of 4.6 million barrels of crude oil. The figure was
higher than the 4.022 million barrels that analysts expected after
the shutdown of a large portion of the United States’ refining
capacity because of Hurricane Harvey. That US crude oil inventories
would increase in the wake of Hurricane Harvey was largely
anticipated, with some saying as much as 40-60 million barrels
could be added to inventory while…