Crude oil prices trading steady on US oil stocks data

Oil prices rose in trading on Wednesday after the latest data from US API showed a larger than expected drawdown in US crude oil stocks, signalling rising crude oil demand. Analysts said that crude oil prices were boosted by a report from the American Petroleum Institute (API) late Tuesday which showed crude oil stockpiles for the week ended February 19 falling by 3.13 million barrels. Analysts had forecast a rise of 2.0 million barrels. US Light crude oil futures for April delivery was up 40 cents to $79.26 a barrel on the NMYEX, while in London, Brent crude oil futures for April delivery rose 38 cents to $77.63 per barrel on the ICE Futures Exchange. “The crude oil draw is pushing the market this morning,” said Tony Nunan, an energy risk manager with Mitsubishi Corp in Tokyo. Other analysts said crude oil prices were also pushed higher by bargain hunters after Tuesday’s sharp decline triggered by a drop in US consumer confidence. The US Energy Department’s Energy Information Administration (EIA) is scheduled to announce its supply report later today. Oil prices trading steady, awaits US crude inventory data Oil prices drop in trading before US inventory data Brent oil price hovers under $77 on higher dollar, markets Brent oil price trading up on latest positive US GDP data Oil prices trading down two percent on stronger US dollar Oil prices trading steady on higher dollar, awaits EIA data Light oil prices trading around $74, eyes on US Dollar Brent oil price trading static, awaits US oil inventory data Oil prices & commodities trading higher, US dollar slides Oil prices trading higher amid stronger US Dollar, Europe Oil prices trading around $77 after US oil demand data Crude oil prices trading higher, eyes on US Dollar Index Crude oil prices trading higher amid a stronger US dollar Brent oil price trading near $72, finds support level Oil prices trading steady as US dollar makes gains The Weekly Oil Futures Wrap at Live Oil Prices Light oil price trading back near $80 on weaker US dollar Brent oil price trading under $76 on Greece Worries Oil prices trading down two percent on latest US jobs data Brent oil price trading near $80 mark on weaker dollar

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Crude oil prices trading steady on US oil stocks data