Oil Inventories Rise Again While OPEC+ Extends Cuts, Keeping Prices Elevated
• EIA reported a 4.2 million barrel crude oil inventory build for the week to February 23, higher than the 3.5 million barrel build the previous week • Gasoline inventories drew down 2.8 million barrels, while middle distillates saw a 500,000 barrel inventory decline • OPEC+ decided to extend production cuts until the end of the year, putting a floor under prices • API had estimated a large 8.43 million barrel crude inventory build for the week • At writing, Brent crude traded at $84.15/barrel and WTI traded at $79.31/barrel, both up from opening