Crude inventories rose by 14.2 million barrels in the week to Feb 3 to 503.6 million barrels, compared with analysts' expectations in a Reuters poll for a 2.5 million barrel increase. US crude oil stocks would be catapulted to almost a record level," Commerzbank said in a note. Gasoline stocks rose by 2.9 million barrels, compared with expectations for a 1.1-million-barrel gain. China's 2016 oil demand grew at its slowest pace in at least three years, Reuters calculations based on official data showed. China's implied oil demand growth eased to 2.5% in 2016, down from 3.1% in 2015 and 3.8% in 2014, led by a sharp drop in diesel consumption and as gasoline usage eased from double-digit growth.

Source: The Edge Markets February 08, 2017 15:11 UTC