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MTECHTIPS:-Crude prices down in Asia as API reports larger than expected build

Wednesday, November 9, 2016 7:54
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MTECHTIPS:-Crude prices down in Asia as API reports larger than expected build



MTECHTIPS- U.S. Crude oil prices slumped in Asia on Wednesday as investors awaited U.S. presidential election results and noted a larger than expected build in U.S. industry inventory estimates. Crude oil for December delivery on the New York Mercantile Exchange slumped 1.56% to $44.28 a barrel. Brent oil for January delivery on the ICE Futures Exchange dropped 1.0% to $45.45 a barrel. The American Petroleum Institute (API) estimates released late Tuesday showed an inventory build of 4.4 million barrels, comiong on top of a 9.3 million barrels increase the previous week, and was significantly higher than the expected build of around 1.1 million barrels. Gasoline inventories fell 3.6 million barrels in the week, the same draw as seen the previous week, and distillate inventories fell 4.3 million barrels, the fifth successive substantial weekly draw. Official data from the Energy Information Administration will be released Wednesday. Results filtered out on Tuesday evening in the U.S., but key battleground states remained too close to call. Results will be declared state by state. If the outcome is clear, the television networks are expected to make their official call at 11:00 PM ET (04:00 GMT Wednesday).

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