U.S. crude inventories increased 1.9 million barrels in the week through April 24, after rising 5.3 million barrels a week before to record 489 million, the highest level since 1930. This came lower than analysts’ forecast of 2.1 million barrels increase.
In fact, the drop in drilling rigs in the U.S. has indicated a possible decline in the U.S. oil-production capacity in the coming period.
Data released on Wednesday showed that the U.S. economy posted an annualized meagre growth of 0.2 percent in the first quarter, compared to 2.2 percent in the previous three months and 1.0 percent predicted by analysts.
Later in the day, eyes will focus on comments about the timing of an interest hike and the health of the economy.
Crude oil futures for June delivery set a new high of $58.17 a barrel, compared to the session’s low of $56.53.