Crude oil prices overcame early selling this morning to edge higher, despite another bearish report on supplies. Traders appeared to be discounting the data, focusing instead on a rally in the stock market.
Inventories of crude oil rose for the fifth straight week, the government announced today, with 6.2 million barrels added to stocks, more than double market expectations. That puts supplies above five-year highs, keeping prices under pressure.
Refiners continue to cut back production in the wake of weak margins, while demand remains under year ago levels for all fuels.
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