Investing.com - Financial Markets Worldwide
😎 Summer Sale Exclusive - Up to 50% off AI-powered stock picks by InvestingProCLAIM SALE

U.S. crude holds below $50 as weekly stockpiles rise

Published 2015-07-22, 09:36 p/m
© Reuters. U.S. crude holds below $50 as weekly stockpiles rise
DXY
-

SINGAPORE, July 23 (Reuters) - Oil prices held steady in
early Asian trade on Thursday, with U.S. crude trading below $50
a barrel near its lowest in more than three months as rising
U.S. stockpiles and a strong dollar weighed on the contract.
U.S. crude for September delivery CLc1 was 4 cents higher
at $49.23 by 0112 GMT, after dropping $1.67 on Wednesday to
settle below $50 for the first time since April. Brent crude
LCOc1 was trading 10 cents lower at $56.03 a barrel.
Crude oil stocks in the United States rose 2.5 million
barrels last week to above the five-year seasonal average, data
from the Energy Information Administration (EIA) showed,
contrasting with expectations of a 2.3 million-barrel drawdown.
Crude stocks at the Cushing, Oklahoma, delivery point for
the U.S. crude contract, also rose, the EIA said. EIA/S
The dollar eased .DXY but held near a three-month high,
making oil and other dollar-denominated commodities expensive
for holders of other currencies.
Brent has shed about 12 percent this month on concerns about
demand and the possibility that the Iranian nuclear deal could
lead to higher supply.
Still, OPEC delegates from Gulf states and other nations say
the drop in prices is likely to be short-term and will not
deflect the cartel from its policy of keeping output high to
defend market share. ID:nL5N10139W
Brent's premium to the U.S. benchmark CL-LCO1=R stood at
$6.8 a barrel, widening more than $3 this month.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.