Crude dips on bulging American crude inventories

Crude dips on bulging American crude inventories

On Wednesday, crude prices resumed their downward trend, as data demonstrated a soar in American crude inventories as well as record supplies in the rest of the world generated doubt as for OPEC's ability to reduce supplies and also tighten the market.

American West Texas Intermediate crude futures CLc1 hit $49.32 per barrel, sliding 0.5% from their previous close, having gained 0.7% last in the prior session. WTI futures have dropped for seven of the last eight sessions.

Market participants told that Tuesday’s report by the American Petroleum Institute informed that American crude inventories added by 897,000 barrels by April 21, hitting 532.5 million barrels.

Brent crude futures LCOc1 reached $51.88 per barrel, slumping 0.4% from their previous close. Brent’s approximately 8.5% below its April high.

This year crude prices have mostly decreased as American inventories remained brimming, while global fuel supplies set new records notwithstanding the pledges to cut output.

 

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