Crude prices head south further in Asia on API build in crude inventories

Crude prices head south further in Asia on API build in crude inventories

On Wednesday, crude dipped further in Asia because industry data cast a shadow on American demand prospects after inventories suddenly inched up.

June delivery crude futures went down 0.97%, trading at $48.19 in New York, following the API figures. Brent futures lost 0.81%, being worth $51.23 a barrel in London.

American crude inventories inched up 882,000 barrels at the end of the previous week, as the American Petroleum Institute informed on Tuesday. It’s compared to a slide of 2.3 million barrels observed and the previous week's data, which showed a 5.789 million barrels dip.

Distillate stocks soared 1.79 million barrels, while gasoline supplies dipped 1.78 million barrels. Then, supplies at Cushing, Oklahoma, edged down by 540,000 barrels. Financial experts expected a 1.050 million barrels descend in distillates and also an 731,000 barrels sag in gasoline supplies.


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