Oil trims gains as US inventories rise

Oil drilling rigs

Oil prices pared gains today, Oct. 3, as US commercial crude inventories rose by 3.9 million barrels in the week to Sept. 27, versus expectations for a 1.5 million-barrel drop.

Brent crude futures for December delivery rose 0.45%, or 34 cents, to close at $73.90 a barrel, after touching $76.14.

WTI crude futures for November delivery rose 0.4%, or 27 cents, to $70.10 a barrel, after touching $72.49.

Data from the US Energy Information Administration showed that refinery inputs of crude oil fell by 662,000 barrels per day from the previous week's average, with demand for oil—measured by finished products supplied to the market—falling by about 1.5 million barrels per day.

US crude inventories at the Cushing, Oklahoma, delivery hub—the largest storage hub in the US—rose by 900,000 barrels to 23.7 million barrels, with oil production increasing by 100,000 barrels to 13.3 million barrels per day.