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MTECHTIPS:-Crude rallies 2%, as strong inventory build lower than investors feared
U.S. crude futures pared early losses, closing up by more than 3% on Wednesday, as a considerable inventory stockpile did not surge as high as some investors feared, following a massive build from the American Petroleum Institute hours earlier. On the New York Mercantile Exchange, WTI crude for March delivery traded in a broad range between $30.14 and $32.58 a barrel, before settling at $32.30, up 0.86 or 2.72% on the day. Following losses of at least 5% on consecutive sessions early last week, U.S. crude futures have closed higher in four of the last five trading days. On Monday, the front month contract for WTI crude slumped nearly $2 a barrel, halting a two-day winning streak when Texas light, sweet futures surged more than 15%. On the Intercontinental Exchange (ICE), brent crude for April delivery wavered between $31.61 and $34.32 a barrel, before closing at $33.92, up 1.36 or 4.22% on the session. North Sea brent crude futures are still down approximately 7% in January, remaining near their lowest levels since 2003. Both the international and U.S. benchmarks of crude have lingered near 12-year lows throughout the month, amid a glut of oversupply on global energy markets. On Wednesday morning, the U.S. Energy Information Administration (EIA) said in itsWeekly Petroleum Status Report that U.S. commercial crude oil inventories for the week ending on January 22, increased by 8.4 million barrels from the previous week. At 494.9 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in
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