NEW YORK, Feb. 16 (UPI) -- Crude futures gained more than $1 Wednesday despite weekly inventory reports showing healthy supplies of crude and gasoline in the United States.
Concerns that OPEC was leaning toward another production cut next month offset inventory reports showing higher supplies of both crude and gasoline in the key U.S. market.
March NYMEX crude settled $1.07 higher at $48.33 per barrel, while gasoline gained 2.6 cents and settled at $1.282 per gallon. Heating oil was up more than a nickel at $1.342 per gallon, while London crude closed up 76 cents at $46.15 per barrel.
The bullishness came as OPEC officials were sending signals they were leaning toward tightening production despite predictions of higher worldwide oil demand this year.
The inventory report from the U.S. Energy Information Administration found crude supplies increased last week by 2.1 million barrels to 296.4 million barrels, while gasoline levels rose 5 million barrels.
