US oil inventories climb for the first time in 9 weeks

US crude oil inventories rose for the first time in nine weeks last week.

According to the Energy Information Administration, commercial crude inventories rose by 2.4 million barrels last week. That brings the total number of barrels in storage to 465.4 million, still the highest level for this time of year in about 80 years.

In the prior week, inventories fell by 4.9 million barrels.

On Wednesday morning, West Texas Intermediate crude oil fell more than 2% to as low as $US58.10 per barrel.

More to come…

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