MTECHTIPS:-NYMEX crude falls in Asia on profit-taking from overnight gains
MTECHTIPS:-NYMEX crude falls in Asia on profit-taking from overnight gains
Crude oil prices eased in Asia on Thursday, taking profits from an overnight rally in the U.S. that points to steady demand and efforts to trim domestic output. On the New York Mercantile Exchange, WTI crude for July delivery fell 0.56% to $61.09 a barrel. Overnight, crude futures rose sharply on Wednesday extending gains from one session earlier, amid a massive draw of U.S. stockpiles last week. On the Intercontinental Exchange (ICE), Brent crude for July delivery rose 0.76 or 1.16% to 65.64 on Wednesday. Both WTI and brent futures surged by more than 3% on Tuesday, extending a volatile period for crude prices. Crude futures moved higher on Wednesday after the Energy Information Administration (EIA) said crude stockpiles dwindled dramatically last week in its Weekly Petroleum Status Report. For the week ending June 5, U.S. crude inventories dipped by 6.8 million to 470.6 million. The draw defied analysts’ expectations of a 1.8 million rise. The decline is viewed as bullish for crude, which has seen its price fall by roughly 40% on a year-over-year basis, amid a glut of oversupply in global markets. The draw was spurred in part by strong demand among gasoline refineries, which increased its capacity to 94.6% on the week. Production, meanwhile, increased modestly by 24,000 to 9.610 million bpd, up from 9.586 million bpd a week earlier. The production spike is regarded as a positive development for U.S. shale producers, as they look to regain market share.
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