Oil prices edge up on short covering – gasoline jumps
Oil prices rose slightly on Wednesday as investors covered short positions after a rise in U.S. crude inventories was not as massive as many had feared, while gasoline futures jumped 4 percent after a surprise decline in inventories of the fuel.
U.S. crude stocks rose by 13.8 million barrels in the week to Feb. 3 as refineries cut output, while gasoline stocks decreased, the Energy Information Administration said.
The surge in crude stocks did not shock the market, since preliminary data from the American Petroleum Institute (API) late on Tuesday showed an even bigger increase.
Written by Devika Krishna Kumar for Reuters.com