In Wednesday trading on the NYMEX benchmark crude oil for April delivery rose $1.23 cents to settle at $82.93 a barrel. Oil was bouyed by a less than expected build in U.S. crude oil inventories. The EIA reported that oil inventories were up 1 million to 344 million barrels for the week ending March 12. Analyst had forecast a crude oil inventory build of 1.9 million barrels.
Elsewhere across the energy sector April NYMEX contracts for heating oil gained 2.52 cents to settle at $2.1395 a gallon. April NYMEX natural gas was down 4.4 cents to settle at $4.303 per 1,000 cubic feet.