Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

Crude oil futures rise after U.S. stockpiles fall

Published 2016-07-19, 08:32 p/m
© Reuters.  Crude oil futures rise after U.S. stockpiles fall
LCO
-
CL
-

TOKYO, July 20 (Reuters) - Oil futures rose in early Asian trading on Wednesday after an industry group released weekly figures showing U.S. stockpiles fell more than expected last week.

Brent crude LCOc1 was up 13 cents at $46.79 a barrel at 0017 GMT. On Tuesday, the contract settled down 30 cents, or 0.6 percent, at $46.66 barrel.

U.S. West Texas Intermediate (WTI) crude CLc1 rose 7 cents to $44.72 a barrel. It fell 59 cents, or 1.3 percent, to settle at $44.65 in the previous session.

U.S. crude stockpiles fell by 2.3 million barrels last week, trade group American Petroleum Institute (API) reported. That was just above a 2.1 million-barrels draw forecast in a Reuters poll. API/S

For distillate inventories including diesel, API reported a surprise draw of 484,000 barrels. It also said there was an unexpected gasoline build of 805,000 barrels.

The U.S. government's Energy Information Administration (EIA) will issue inventory data later on Wednesday. EIA/S

If the EIA confirms a drawdown, it will be the ninth straight week that U.S. crude stockpiles have fallen.

Latest comments

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.