EIA reports weekly rise in U.S. crude and gasoline stockpiles
Oil prices on Wednesday looked likely to finish lower for a fourth consecutive session, giving up most of the Israel-Hamas war premium that had built up over the past two-and-a-half weeks.
Price action Market Moves Disappointing data on European economic activity helped weigh on oil prices Tuesday, as did the release of more Hamas hostages and the delay of the expected Israeli ground invasion of Gaza. WTI crude futures, the U.S. benchmark, had settled at $82.79 a barrel the day before the Hamas attack on Israel on Oct. 7, and peaked at a settlement high above $89 a barrel late last week, according to FactSet data. U.S. benchmark prices have given up most of their gains seen since the start of the war.
U.S. commercial crude inventories climbed by 1.4 million barrels for the week ended Oct. 20, the EIA said.
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