Oil prices slip on U.S. crude stockpile increase

An oil pumpjack in a field in Grandfalls, Texas, on March 24, 2024.

Brandon Bell | Getty Images

Crude oil futures fell for a second day Wednesday as U.S. crude stockpiles rose.

The West Texas Intermediate contract for May delivery fell 27 cents, or 0.33%, to settle at $81.35 a barrel Wednesday. The Brent contract for May delivery dropped 16 cents, or 0.19%, to $86.09 a barrel.

Oil Prices, Energy News and Analysis

U.S. commercial crude stockpiles, which exclude the strategic petroleum reserve, rose by 3.2 million barrels for the week ending March 22, according to the Energy Information Administration. Gasoline inventories rose by 1.3 million barrels.

Domestic crude production was unchanged at 13.1 million barrels per day. Products supplied to the market, a proxy for demand, fell by 212,000 barrels.

WTI has gained 13.54% for the year while the Brent is up 11.75%.

Source: CNBC