%{{tag.tag}} {{articledata.title}} {{moment(articledata.cdate)}} @{{articledata.company.replace(" ","")}} comment U.S. inventories of %CrudeOil increased by 423,000 barrels in the past week, which was less than economists had expected. The slowdown in inventory accumulation indicates that demand for crude oil in the U.S. is rising, say industry analysts. Oil demand in America had been slumping in recent weeks amid unseasonably warm winter weather across the country. The increase in U.S. crude inventories by 423,000 barrels in the week ended March 1 was much lower than the 2.6-million-barrel inventory increase expected among economists. An increase in U.S. demand could give crude oil prices a needed shot in the arm. West Texas Intermediate (WTI) crude oil is currently trading at $79.26 U.S. per barrel, while Brent crude oil, the international standard, is trading at $82.82 U.S. a barrel. Crude oil prices have been largely stagnant this year due to slumping demand from China, which is experiencing an economic slowdown. China is the world’s largest oil importer. Crude prices have continued to hover around $80 U.S. a barrel despite ongoing conflict in the Middle East and an extension of production cutbacks by the OPEC+ oil cartel. In the U.S., producers have continued to increase their oil production despite stagnant prices and the warmest winter on record in many parts of the country.