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Oil prices lower as crude inventories build higher than expected
Oil prices traded lower on Thursday in Asia after data showed a higher-than-expected build in crude inventories.
U.S. Crude Oil WTI Futures fell 0.3% to $58.23 by 11:54 PM ET (03:54 GMT).
International Brent Oil Futures slipped 0.1% to $62.94.
The Energy Information Administration (EIA) reported that U.S. crude inventories fell by 4.9 million barrels for the week ending at November 29. This was in contrast with expectations for a drop of 17.3 million barrels according to forecasts from economists.
Gasoline also inventories rose by 3.4 million barrels, higher than a rise of 1.8 million barrels. Distillate stockpiles rose by about 3.1 million barrels in compares to an expected build of about 1.1 million.
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Oil prices fell on Thursday as the rising global coronavirus cases weighed on fuel demand recovery just as OPEC+ producers are set to increase supply. The Brent contract for October slid 0.05%, or 2 cents, at $44.07 per barrel, while the September ...
The second quarter had seen Australian consumer prices dropping by a record. This could be attributed to the coronavirus crisis dragging child care cost and petroleum prices, inflicting a serious damage to years of growth toward higher inflation. Last ...
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