Investing.com - Crude oil futures rose in U.S. trading on Wednesday after investors digested U.S. fourth-quarter gross domestic product figures and concluded that the broader economy remains healthy despite an overall contraction.
Rising inventories dampened spirits, however.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD97.71 a barrel on Wednesday, up 0.14%, off from a session high of USD98.24 and up from an earlier session low of USD97.31.
The U.S. economy shrank in the fourth quarter though energy markets viewed the numbers with cautious approval.
The Commerce Department reported earlier that the U.S. gross domestic product contracted for the first time since the second quarter of 2009 in the three months ending December, shrinking by 0.1%.
Economists were forecasting growth of 1.1% after a 3.1% expansion in the preceding quarter.
A 6.6% decline in government spending and a drop in private inventories contributed to the contraction, though the government added that consumer spending rose by 2.2% and business investment was 8.8% higher in the fourth quarter of last year, which was bullish for crude.
Elsewhere, payroll processor ADP revealed that the U.S. private sector added 192,000 jobs in January, well above expectations for an increase of 165,000, which fueled gains, though supply data dampened spirits.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 5.9 million barrels in the week ended Jan. 25 compared to expectations for an increase of 2.58 million barrels.
Total U.S. crude oil inventories stood at 369.1 million barrels as of last week.
The report also showed that total motor gasoline inventories decreased by 1 million barrels, compared to expectations for a decline of 100,000 barrels.
Elsewhere on the ICE Futures Exchange, Brent oil futures for March delivery were up 0.24% at USD114.64 a barrel, up USD16.93 from its U.S. counterpart.
Rising inventories dampened spirits, however.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in March traded at USD97.71 a barrel on Wednesday, up 0.14%, off from a session high of USD98.24 and up from an earlier session low of USD97.31.
The U.S. economy shrank in the fourth quarter though energy markets viewed the numbers with cautious approval.
The Commerce Department reported earlier that the U.S. gross domestic product contracted for the first time since the second quarter of 2009 in the three months ending December, shrinking by 0.1%.
Economists were forecasting growth of 1.1% after a 3.1% expansion in the preceding quarter.
A 6.6% decline in government spending and a drop in private inventories contributed to the contraction, though the government added that consumer spending rose by 2.2% and business investment was 8.8% higher in the fourth quarter of last year, which was bullish for crude.
Elsewhere, payroll processor ADP revealed that the U.S. private sector added 192,000 jobs in January, well above expectations for an increase of 165,000, which fueled gains, though supply data dampened spirits.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 5.9 million barrels in the week ended Jan. 25 compared to expectations for an increase of 2.58 million barrels.
Total U.S. crude oil inventories stood at 369.1 million barrels as of last week.
The report also showed that total motor gasoline inventories decreased by 1 million barrels, compared to expectations for a decline of 100,000 barrels.
Elsewhere on the ICE Futures Exchange, Brent oil futures for March delivery were up 0.24% at USD114.64 a barrel, up USD16.93 from its U.S. counterpart.