Oil prices choppy on mixed supply data
$4.30 per gallon is the national gas price average: AAA
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Oil prices bounced around Wednesday after mixed data on weekly supplies from the Energy Information Administration [EIA].
Benchmark U.S. crude traded around $95 per barrel while Brent, the global benchmark, hovered around $100.
Oil inventories registered a surprise gain of 4.3 million vs. an expected draw of 1.4 million. Distillate supply also rose by 0.33 million barrels.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND L.P. | 75.57 | -4.35 | -5.44% |
| BNO | UNITED STS BRENT OIL FD LP UNIT | 29.90 | -1.82 | -5.74% |
Gasoline, however, did see a draw of 3.6 million.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| UGA | UNITED STATES GASOLINE FUND LP PARTNERSHIP UNITS | 61.84 | -4.68 | -7.03% |
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Oil storage containers are seen in Los Angeles, California. (REUTERS/Lucy Nicholson/Files)
This as prices at the pump remain around $4.30 per gallon, as tracked by AAA.
Prices have been pressured by concerns of slowing China demand, as the second-largest oil consumer imposes stringent measures to contain the spread of COVID-19, according to Reuters.
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The Associated Press contributed to this report.