Oil Prices up Despite Rise in US Inventories

Oil Prices up Despite Rise in US Inventories
AP Photo/Richard Drew, File

Oil prices ended higher for a second straight session Wednesday despite data that showed U.S. inventories of crude oil increased sharply last week.

Light, sweet crude for August delivery ended 1% higher at $68.76 a barrel on the New York Mercantile Exchange. Brent crude, the global benchmark, also closed 1% higher at $72.90 a barrel.

The U.S. Energy Information Administration said in its weekly report that crude-oil stockpiles jumped by 5.8 million barrels to 411.1 million barrels. Analysts surveyed by The Wall Street Journal had forecast crude supplies would fall by 3.3 million barrels from the previous week. The report also showed U.S. oil production jumped to a record 11 million barrels a day

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