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Data from the Energy Information Administration Wednesday revealed a sizeable weekly increase in U.S. crude-oil supplies, a modest fall in gasoline stockpiles and a drop in consumer demand for motor fuel.
"If tariff worries and trade-war angst are fueling that drop in demand... then that marks the start of what could be a crippling trend of declining demand that would, barring supply-side surprises, spark a selloff in oil," Tyler Richey, co-editor at Sevens Report Research, told MarketWatch. That could see U.S. benchmark prices begin to sell off toward the downside target of between $57 and $58 a barrel, he said. May West Texas Intermediate crude was up 21 cents, or 0.3%, at $71.41 a barrel, after losing 0.4% Tuesday.
The EIA reported that U.S. gasoline demand fell last week, with total finished motor gasoline supplied, a proxy for demand, at 8.495 million barrels per day versus 8.643 million bpd a week earlier.
The EIA said that commercial crude inventories climbed by 6.2 million barrels for the week that ended March 28. It also reported a weekly supply decline of 1.6 million barrels for gasoline, while distillate inventories increased by 300,000 barrels.
All three major U.S. stock indexes closed higher on Wednesday after shaking off a lower open, with investors and traders tuning into President Donald Trump's announcement of reciprocal tariffs.
The Dow Jones Industrial Average rose 235.36, or almost 0.6%, to 42,225.32, based on preliminary data.
The S&P 500 rose 37.90 points, or 0.7%, to 5,670.97.
The Nasdaq Composite climbed 151.16 points, or 0.9%, to 17,601.05.
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