WTI Crude nears $99 per barrel, EIA says US Crude storage up 2% compared to 5-year average

WTI crude oil futures are currently up nearly 5% at $99 per barrel following an over 16% slide in the previous session. Oil gained despite a rise in US inventories. Crude oil inventories in the United States increased by 3.1 million barrels during the week ending April 3, according to new data from the US Energy Information Administration (EIA) released on Wednesday. The increase brings commercial stockpiles to 464.7 million barrels according to government data, which is 2% above the five-year average for this time of year. . Despite the announcement of a U.S.?Iran truce, reports of continued disruption in the Strait of Hormuz are pushing oil higher.

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