EIA: Crude oil inventories jump

Crude oil prices in New York were higher at the close of trade after having traded lower for much of the day on Wednesday, while Brent crude was lower on the session.

The US Energy Information Administration reported that crude oil inventories were up by 1.84 million barrels in the week ending 21 September against an expected decline of over 2 million barrels, while gasoline stockpiles rose by 600,000 barrels, triple what had been expected, and distillates inventories were up by 1.6 million barrels, again more than was anticipated.

Refinery utilization dropped to 86.9 percent, more than had been expected, while oil and gasoline imports were up during the week.

West Texas Intermediate crude for November delivery was up more than $1 early, fell after the inventories numbers were released, but ended the floor session with a gain of 82 cents to $80.35 per barrel on the New York Mercantile Exchange.

Brent crude November contracts were 87 cents lower to $76.75 per barrel on the Intercontinental Exchange in London.

Nymex October gasoline dropped 1 cent to $2.03 per gallon, while November heating oil traded even at $2.20 per gallon and November natural gas fell 4 cents to $7.05 per million British thermal units.