Investing.com -- Crude stockpiles rose by less than expected last week, according to the latest government data.
Crude oil inventories rose 768,000 barrels compared to expectations for a build of 1.65 million barrels, according to the Energy Information Administration. The week before that saw an increase of 4.27 million barrels.
The rising inventory over the last couple of weeks casts confusion on the outlook for the economic recovery. Demand for oil has fluctuated throughout the fall, with inventory levels falling three of the five previous weeks. The American Petroleum Institute said Tuesday that its own estimate had crude stocks rising 4.2 million barrels last week.
Oil stored at Cushing, Oklahoma, rose 1.2 million barrels against expectations for a build of 2.15 million barrels.
Crude Oil WTI Futures, the U.S. benchmark for oil prices, rose more than 1% on Wednesday morning, to $42.19.