Oil Futures Settle Lower After Inventory Data

Trading 03 avr 2019 Donner votre avis

Crude oil futures snapped a three-day winning streak on Wednesday, after data showed an unexpected jump in U.S. crude inventories.

West Texas Intermediate Crude futures for May ended down $0.12, or 0.2%, at $62.46 a barrel, after rising to a fresh five-month high of $62.98 a barrel.

On Tuesday, crude oil futures for May ended up $0.99, or 1.6%, at $62.58 a barrel.

Data released by the Energy Information Administration this morning showed that crude inventory in the U.S. rose 7.24 million barrels in the week ended March 29, against expectations of a drop of over 0.4 million barrels. In the week ended March 22, stockpiles increased by 2.8 million barrels.

The EIA also said gasoline inventories dropped by 1.78 million barrels last week, higher than what was forecast. Meanwhile, distillate stockpiles dropped by 2 million barrels.

Late on Tuesday, the American Petroleum Institute released its weekly oil report that said crude inventories in the U.S. rose by 3 million barrels last week.

OPEC-led oil cuts, speculation over additional U.S. sanctions against Iran and reports about Venezuela halting operations at a key crude terminal supported oil and limited its downside.

Earlier this week, a survey from Reuters said OPEC's oil production in March 2019 fell to its lowest level since February 2015.

The combined production of all 14 OPEC members fell by 280,000 barrels per day from February, marking the lowest level of OPEC production since February four years ago, according to the survey.


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