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Oil prices fall as industry data points to rising U.S. crude stocks

Published 2015-07-21, 09:17 p/m
© Reuters. Oil prices fall as industry data points to rising U.S. crude stocks
USDIDX
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SINGAPORE, July 22 (Reuters) - Oil prices fell in early
Asian trade on Wednesday, after industry data showed U.S. crude
inventories rose last week, even as the dollar fell from a
three-month high.
U.S. crude, also known as West Texas Intermediate (WTI), for
September delivery CLc1 was trading 45 cents lower at $50.41 a
barrel by 0108 GMT, after closing 42 cents higher.
The WTI August contract CLQ5 , which expired on Tuesday,
settled 21 cents higher at $50.36 a barrel, after slipping to
$49.77 intraday.
The September Brent futures contract LCOc1 was trading 34
cents lower at $56.70 a barrel, after rising 39 cents in the
previous session.
Prices came under pressure as data from industry group the
American Petroleum Institute (API) showed U.S. crude stocks rose
2.3 million barrels last week. API/S
Crude inventories at Cushing, Oklahoma, the delivery point
of WTI, rose by 885,000 barrels, the data showed.
In a poll by Reuters, eight analysts forecast U.S.
commercial crude oil stocks to have risen by 2.3 million barrels
on average in the week ended July 17. EIA/S
"Any indication of rising oil inventories in this week's EIA
weekly report is likely to weaken oil prices further," analysts
at ANZ said in a note to clients.
The U.S. Energy Information Administration (EIA) is due to
publish weekly data at 1430 GMT on Wednesday.
Prices came under pressure even as the dollar .DXY
retreated from a three-month high against a basket of
currencies. A weaker greenback makes oil less expensive for
consumers using other currencies.

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