Crude oil prices resumed their upward move Wednesday morning despite a report showing U.S. inventories added to record highs.
The American Petroleum Institute, an industry group, reported that crude supplies rose by 4.4 million barrels for the week ended March 4. That’s a larger increase than analysts were expecting.
The government is out with official data later this morning.
Crude oil for April was up 68 cents, or 1.9 percent, to $37.19 a barrel, just off its recent highs for 2016. Prices dropped yesterday as traders booked profits from a nearly 40 percent run-up.
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