Crude prices up slightly

Crude oil inventories were up more than expected last week, adding 3.3 million barrels when a drop of 0.5 million barrels had been expected.  In addition, gasoline stockpiles were 1.2 million barrels higher, much above the expected 0.7 million barrel increase.  Only distillate stockpiles did not rise as much as predicted, gaining 200,000 barrels when a gain of 1.5 million barrels had been expected.  The gains in oil stockpiles especially served to minimize the news that Kuwait could reduce its output and that Saudi Arabia has raised its November delivery price to Europe by $1 per barrel.

Brent crude for November delivery was 14 cents higher to $58.57 per barrel after going as low as $57.70 per barrel earlier in the session, its lowest price this year.  Meanwhile November contracts for West Texas Intermediate Crude was down as far as $57.75 per barrel before gaining 4 cents over Tuesday’s close to trade at $58.72 per barrel on the New York Mercantile Exchange.  Nymex unleaded gasoline was 1½ cents higher to $1.4714 per gallon, while Nymex November heating oil added 1 cent to $1.6640 per gallon.