Oil slips after API data shows U.S. inventory build-up | Reuters
Oil prices fell on Wednesday as industry data pointed to a big build in crude oil and distillate stocks in the United States, the world's largest oil consumer, and as pressure mounted on OPEC to increase supply.
Brent crude futures fell $1.03, or 1.2%, to $83.69 a barrel by 0724 GMT, after dropping to a session-low of $83.27 earlier.
U.S. West Texas Intermediate (WTI) crude futures tumbled $1.30, or 1.6%, to $82.61 a barrel, after dropping to a low of $82.26 earlier.
"Crude prices are declining after the API reported the sixth straight week of crude oil inventory builds and as the Biden administration exhausts every possible plea to OPEC+ members before tapping their Strategic Petroleum Reserve," said Edward Moya, senior analyst at OANDA.
No comments:
Post a Comment