Oil rises as IEA forecast overshadows U.S. crude build

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Oil rises as IEA forecast overshadows U.S. crude buildCrude oil prices rose on Wednesday after the International Energy Agency (IEA) said a global surplus of crude was starting to shrink, even though U.S. data showed another big increase in inventories due to the ongoing effects of Hurricane Harvey. U.S. gasoline prices, however, fell despite a record drawdown in inventories of the motor fuel. Analysts anticipate refineries will come back online after Harvey shut nearly a quarter of the nation’s refining capacity while demand slips due to the effects on the high-consuming states of Florida and Georgia following Hurricane Irma.

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