Crude eases on small American stocks dip

Crude eases on small American stocks dip

On Thursday, crude lost ground, dipping for a third out of four trading sessions and keeping to its lowest since late March after data disclosed a lower than expected dip in American inventories.

The previous week American crude stockpiles edged down less than expected, while gasoline inventories soared as demand remained quite poor, as the Energy Information Administration unveiled on Wednesday.  

Crude inventories edged down by 930,000 barrels by April 28, which is much less than experts’ expectations for a sag of 2.3 million barrels. For the last four weeks crude stocks have steadily edged down, though at 527.8 million barrels they’re still 3% higher, compared to this time last year.

Brent crude futures LCOc1 sank 0.3%, hitting $50.64 a barrel, while American West Texas Intermediate crude futures CLc1 dived 0.3%, being worth $47.68 a barrel.

While WTI demonstrated its lowest value since March 27 by hitting $47.30 a barrel in the previous session, on Tuesday, Brent futures dipped showed the lowest outcome since late March, reaching $50.14 a barrel.

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