Crude Stocks Rise By More Than Expected

US crude oil stocks rose by more than the 2.65 million barrels analysts expected, up by 2.9 million, according to data just out from the US Energy Dept.

Gasoline stocks rose by 300,000 barrels, contrary to expectations of a 2 million barrel decrease. Distillates stocks declined by 1.1 million barrels, in line with analysts forecasts.

Despite the seemingly bearish news crude oil futures reacted with disdain, currently 98 cents higher on the day at USD83.35/barrel.