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Crude oil falls after U.S. inventories show buildup

Published 2015-09-29, 08:30 p/m
Crude oil falls after U.S. inventories show buildup
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By Aaron Sheldrick
TOKYO, Sept 30 (Reuters) - Crude oil futures fell in early
Asian trade on Wednesday after U.S. inventories showed a weekly
buildup that far exceeded analyst expectations.
The American Petroleum Institute (API) said late on Tuesday
that U.S. crude oil stockpiles rose by 4.6 million barrels to
457.8 million barrels in the week to Sept. 25. Analysts polled
by Reuters had expected an increase of only 102,000 barrels.
API/S EIA/S .
Front-month U.S. crude CLc1 had dropped 49 cents, more
than 1 percent, to 44.74 a barrel by 0012 GMT. The contract
settled Tuesday's trade at $45.23 a barrel, up 80 cents, or 1.8
percent, on the day.
Brent crude LCOc1 , the global oil benchmark, fell 37 cents
to $47.86 a barrel. On Tuesday, the contract rose 89 cents, or
1.9 percent, to $48.23.
The U.S. government's Energy Information Administration
(EIA) will issue official weekly inventory data on Wednesday.
Wednesday's session may be more volatile due to the close of
September and third-quarter trading, according to some analysts.
U.S. crude is heading for a 9-percent decline this month as
the slump in commodities continues amid deepening concerns over
China's slowdown in economic growth.
Brent crude is on track to round out September with a nearly
12-percent drop.


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