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

Wednesday, October 26, 2016 0:41
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MTECHTIPS:-NYMEX crude down sharply in Asia as API shows larger-than-seen build

 

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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.

 

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