WTI prices stumble after gasoline inventory shocker

By Henning Gloystein ( Reuters Singapore)  @hgloystein

SINGAPORE (Reuters) – Oil prices inched up on Thursday on a decrease in U.S. crude inventories, but rising gasoline stocks and crude production weighed on the market

U.S. West Texas Intermediate (WTI) crude futures were at $56.09 a barrel at 0101 GMT, up 13 cents, or 0.23 percent from their last settlement.

 Brent crude futures LCOc1, the international benchmark for oil prices, were at $61.32 a barrel, up 10 cents, or 0.16 percent.

The slightly higher prices came after a much bigger sell-off in late U.S. trading.

“WTI prices cratered (on Wednesday) despite a drop in weekly crude inventories. Indeed, traders were more concerned about the steep rise in gasoline inventories,” said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore.

Gasoline stocks USOILG=ECI rose 6.8 million barrels, to 220.

Reuters

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Stephen Innes

Stephen Innes

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

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