WTI Extends Gains Despite Massive Crude Build, Production Increase

Oil prices rallied overnight despite a huge crude inventory build reported by API, with traders shrugging it off as likely driven by the impact of the nationwide ‘deep freeze’ and refinery shut-ins distorting the data. Additional optimism over China’s demand outlook (after the government issued a bumper batch of import quotas, spurring hopes of improved crude consumption) offset […] Source