Oil prices steady around US$50 despite rising US crude inventories

Despite news of surging US crude inventories signalling feeble energy demand in USA, crude oil prices moved up to steady at US$ 49.15 /barrel, while Brent North Sea crude for delivery in June stood at US$49.86. The Department of Energy (DoE) has reported a rise of 3.9 million barrels in the week ending April 17 -- marking the sixth consecutive weekly gain. Crude inventories in the United States are at the highest level since September 1990. Reserves of gasoline and distilled products, such as diesel and heating fuel, have been reported to have increased, stunning analyst expectations of declines.
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