WTI light crude gains despite more crude oil in storage

Crude oil prices rose in New York Wednesday after the US EIA reported that crude oil stockpiles rose again last week, adding 2.5 million barrels to bring inventories to 352 million barrels in storage.

September contracts for West Texas Intermediate crude had added $1.21 to $70.66 per barrel at just before 2 p.m. local time on the New York Mercantile Exchange.

The gains came as the IEA said that oil demand in China will push global demand up despite lagging demand in Europe and North America, even as the EIA and the Organization of Petroleum Exporting Countries both still projected demand to decline this year.

Prices were also up as the US Commerce Department reported that imports into the US were up in June for the first time in nearly a year, widening the trade deficit to $27 billion, a gain of 4 percent over May’s figure.