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Wednesday, November 13th, 2019

Oil down more than 2 percent after big U.S. crude stock build

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by August 24, 2016 General

Reuters  |  NEW YORK 

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By Barani Krishnan

NEW YORK (Reuters) – Oil prices extended their losses on Wednesday, with U.S. crude futures falling more than 2 percent, after an unexpected large build in U.S. crude stockpiles renewed worries about oversupply in the market.

The U.S. Energy Information Administration (EIA) reported crude inventories rose 2.5 million barrels last week, versus analysts forecasts for a drawdown of 500,000 barrels.

U.S. West Texas Intermediate (WTI) futures were down $1.35, or 2.8 percent, at $46.75 a barrel by 10:47 a.m. EDT (1448 GMT).

Brent crude futures fell $1, or 2 percent, to $48.96.

“The report is bearish, especially relative to expectations, led by the rise in crude oil inventories that was due to refinery utilization declines and large rise in imports,” said John Kilduff, partner at New York energy hedge fund Again Capital.

(Additional reporting by Karolin Schaps in LONDON and Mark Tay in SINGAPORE; Editing by Marguerita Choy and Chizu Nomiyama)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Oil down more than 2 percent after big U.S. crude stock build

NEW YORK (Reuters) – Oil prices extended their losses on Wednesday, with U.S. crude futures falling more than 2 percent, after an unexpected large build in U.S. crude stockpiles renewed worries about oversupply in the market.

By Barani Krishnan

NEW YORK (Reuters) – Oil prices extended their losses on Wednesday, with U.S. crude futures falling more than 2 percent, after an unexpected large build in U.S. crude stockpiles renewed worries about oversupply in the market.

The U.S. Energy Information Administration (EIA) reported crude inventories rose 2.5 million barrels last week, versus analysts forecasts for a drawdown of 500,000 barrels.

U.S. West Texas Intermediate (WTI) futures were down $1.35, or 2.8 percent, at $46.75 a barrel by 10:47 a.m. EDT (1448 GMT).

Brent crude futures fell $1, or 2 percent, to $48.96.

“The report is bearish, especially relative to expectations, led by the rise in crude oil inventories that was due to refinery utilization declines and large rise in imports,” said John Kilduff, partner at New York energy hedge fund Again Capital.

(Additional reporting by Karolin Schaps in LONDON and Mark Tay in SINGAPORE; Editing by Marguerita Choy and Chizu Nomiyama)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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