Profile image
Story Views

Last Hour:
Last 24 Hours:

MTECHTIPS:-NYMEX crude down sharply in Asia as API shows larger-than-seen build

Wednesday, October 26, 2016 0:41
% of readers think this story is Fact. Add your two cents.

MTECHTIPS:-NYMEX crude down sharply in Asia as API shows larger-than-seen build




MTECHTIPS- Crude prices dipped sharply in early Asia on Wednesday after industry figures showed a major build in U.S. crude stockpiles. Crude oil for December delivery on the New York Mercantile Exchange slumped 1.18% to $49.37 a barrel. The American Petroleum Institute (API) said late Tuesday that crude inventories rose 4.8 million barrels last week, larger than expected, and following a 3.8 million draw the previous week. Stocks at Cushing eased 2.3 million barrels, API said, as an outage of a pipeline feeding the facility continues to crimp flows. Gasoline inventories recorded a build of 1.7 million barrels, and distillates fell 900,000 barrels. Official data from the Energy Information Administration will be released Wednesday, amid forecasts for an oil-stock increase of 800,000 barrels. Overnight, oil prices were under pressure in North American trade on Tuesday, reversing earlier gains as fading expectations of a coordinated production cut among major global oil producers and a stronger U.S. dollar weighed. Brent oil for December delivery on the ICE Futures Exchange in London was last quoted at $50.28 a barrel. Iraq, the second biggest producer in OPEC after Saudi Arabia, recently said it wanted to be exempt from any output freeze deal among major global producers.





We encourage you to Share our Reports, Analyses, Breaking News and Videos. Simply Click your Favorite Social Media Button and Share.

Report abuse


Your Comments
Question Razz Sad Evil Exclaim Smile Redface Biggrin Surprised Eek Confused Cool LOL Mad Twisted Rolleyes Wink Idea Arrow Neutral Cry Mr. Green

Top Stories
Recent Stories



Top Global


Top Alternative




Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.