Crude oil futures are off 11 cents at $77.12 per barrel for the March light sweet crude contract after the U.S. Department of Energy reported the nation’s crude reserves rose 2.3 million barrels last week in stark contrast to the 3.9 million barrel decline the week prior. Motor gasoline stockpiles fell 1.3 million barrels as refiners continued to cut production.
Oil stocks have turned south this afternoon, reversing earlier gains as the broader market falls under the pressure of mixed economic news. ExxonMobil (XOM) is off 23 cents, or 0.3%, at $66.73; Occidental Petroleum (OXY) is off 66 cents, or 0.8%, at $80.12; Chevron (CVX) is off $1.16, or 1.6%, at $73.29; and Sunoco (SUN) is off 63 cents, or 2.3%, at $26.66.
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