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MTECHTIPS:-NYMEX crude falls in Asia as API build more than expected

Wednesday, November 16, 2016 7:13
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MTECHTIPS:-NYMEX crude falls in Asia as API build more than expected



MTECHTIPS-Crude oil prices fell in Asia on Wednesday as U.S. industry estimates showed another solid build in inventories. Crude oil for December delivery on the New York Mercantile Exchange fell 0.13% to $45.73 a barrel. The American Petroleum Institute (API) said Tuesday crude oil inventories rose 3.65 million barrels last week, building on an increase of 4.4 million barrels the previous week and rose more than expected. Gasoline inventories recorded a slight draw of 160,000 barrels in the week while there was an increase in distillate inventories of 3.0 million barrels, the first gain in six weeks. Cushing recorded a build of 1.13 million barrels after a slight increase the previous week. Official data from the Energy Information Administration will be released Wednesday. Overnight, oil prices were higher during North America trading on Tuesday, extending overnight gains as market participants continued to weigh prospects of a coordinated production cut among major global oil producers. Elsewhere, Brent oil for January delivery on the ICE Futures Exchange in London was last quoted at 46.96 a barrel. Bloomberg reported that several OPEC members were engaged in a last-minute push to overcome divisions between the cartel’s biggest producers.

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