Oil Settles Lower After Data Shows Jump In Gasoline Build

Trading 17 juil 2019 Donner votre avis

Crude oil prices drifted lower on Wednesday after official data from U.S. Energy Information Administration (EIA) showed a smaller than expected drop in crude stockpiles and a big jump in gasoline supply in the week ended July 11.

The data also showed a big jump in distillate stock piles in the week.

West Texas Intermediate Crude oil futures for August ended down $0.84, or about 1.5%, at $56.78 a barrel.

On Tuesday, WTI crude oil futures for August ended down $1.96, or 3.3%, at $57.62 a barrel, the lowest settlement since July 5.

Speculation about fresh U.S.-Iran negotiations on the nuclear deal issue and concerns about the outlook for energy demand dragged down oil prices for a second straight day.

According to data released by EIA earlier in the day, crude inventories in the U.S. dropped by 3.1 million barrels last week, against expectations for a drop of about 2.7 million barrels.

The data also showed gasoline inventories were up 3.6 million barrels, compared with expectations for a 925,000-barrel decline. Meanwhile, distillate stockpiles rose by 5.7 million barrels in the week, substantially more than the expected 613,000-barrel increase.

On Tuesday, the American Petroleum Institute (API) reported a small crude oil inventory draw of 1.401 million barrels for the week ending July 11, compared to analyst expectations for a decrease of 2.7 million barrels.

The material has been provided by InstaForex Company - www.instaforex.com

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