Home/Commodities/FX/Newsfeed

Oil Drops After US Inventory Rises for 1st Time in 6 Weeks

Share Print 0

Crude oil prices fell on Thursday after government data showed the first rise in U.S. crude stockpiles in six weeks as refinery inputs fell.

Inventories rose by 4.9 million barrels to a total of 474 million barrels in the week through Oct. 7. Analysts’ expectations were that crude stockpiles had risen by 300,000 barrels.



That was also a larger build than the private American Petroleum Institute reported on Wednesday. It said U.S. crude inventories rose by 2.7 million barrels.
Offsetting the crude build, U.S. gasoline stockpiles fell by 1.9 million barrels, and distillate fuel oil in storage dropped by 3.7 million barrels.

Brent crude futures were trading down 43 cents at $51.86 per barrel at 11:03 a.m. ET (1503), up 15 cents from their previous close. U.S. West Texas Intermediate (WTI) crude fell 46 cents to $49.72 per barrel.

via SOURCE

Content 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 Business Information & Services, Inc. or any of its affiliates, subsidiaries, officers or directors. If you would like to reproduce or redistribute any of the content found on MarketPulse, an award winning forex, commodities and global indices analysis and news site service produced by OANDA Business Information & Services, Inc., please access the RSS feed or contact us at info@marketpulse.com. Visit https://www.marketpulse.com/ to find out more about the beat of the global markets. © 2023 OANDA Business Information & Services Inc.

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza

@alfonso_forex

,
Back to Top