The U.S.' crude oil inventories increased more than market expectations last week as demand destruction stemming from the coronavirus wears on.
According to data released by the Energy Information Administration (EIA). Commercial crude oil inventories rose by 15.2 million barrels for the week ending April 3, This reading came in much higher than the market expectation for a buildup of 9.271 million barrels.
The crude reaction to these figures was largely muted. After data release, WTI was trading at $24.88, adding 2.6% on a daily basis.
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