American crude prices extend sag on oil inventory build

American crude prices extend sag on oil inventory build

On Thursday, US crude extended its sag after government data demonstrated a surprise ascend in American crude inventories.

December delivery NYMEX crude futures slumped 2 cents showing $52.16 a barrel, having concluded the previous trading session down 0.6%.

Meanwhile, in London, December delivery Brent crude futures lost 1 cent being worth $58.43. On Wednesday, the given benchmark managed to settle up 11 cents, backed by comments from Saudi Arabia's energy minister repeating his country's determination to cope with a three-year supply glut.

On Wednesday, Brent futures reached an intraday maximum of $58.74, rebounding toward a 26-month high hit in September.

American crude inventories inched up by 856,000 barrels the previous week, as US Energy Information Administration data disclosed on Wednesday. Market experts had hoped for a dip of 2.6 million barrels.

Gasoline stocks sagged by 5.5 million barrels versus expectations in a Reuters survey for a dive of 17,000 barrels, thus assisting to push up American gasoline futures.


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