Oil prices back near $80 in afternoon trading, inventories

Light crude oil prices rose back over $80 dollars per barrel to $80.01 trading on the NYMEX, while ICE Brent crude oil futures are currently trading in the $78 dollar range on Wednesday afternoon.

US Crude inventories rose last week, while gasoline supplies dropped, the government said Wednesday. Crude inventories rose by 1.3 million barrels, or 0.4 percent, to 339.1 million barrels, which is 10 percent above year-ago levels, the Energy Department’s EIA said in its weekly report.

Analysts had expected a build of 2.2 million barrels for the week ended Oct. 16, according to a survey by Platts, the energy information arm of McGraw-Hill Cos.

Tags:  oil prices