WTI crude rises to $58.95 despite larger-than-expected inventory builds

WTI crude oil futures settled at $58.95, gaining $0.31 (0.53%) despite EIA data revealing significant inventory builds across all petroleum products. The session saw prices reach a high of $59.64 before retreating. EIA weekly data showed crude inventories rose by 0.574 million barrels versus expectations of a 0.821 million decline. Distillates increased by 2.059 million barrels, nearly triple the 0.707 million forecast, while gasoline stockpiles surged 4.518 million barrels, far exceeding the 1.468 million estimate. The price action suggests underlying demand concerns may be offsetting typical bearish inventory data. Technically, crude closed below its 100-hour moving average at $59.07 after trading mostly above this level during the session. This close below key technical support could signal near-term weakness, with immediate support at the session low of $58.37.