Crude prices sag on bloated American market

Crude prices sag on bloated American market

On Wednesday, crude prices sank, as bloated American supplies weighed on financial markets, while a fall in Saudi oil exports was compensated by leaping output in the country.

Brent crude futures LCOc1 reached $54.84 per barrel, sliding 5 cents from their previous close.

American West Texas Intermediate crude futures CLc1 slumped 4 cents, hitting $52.37 a barrel.

Crude prices were moderately weaker as the focus turned back to American inventories and output. That’s what ANZ bank revealed on Wednesday.

Tuesday’s data from the American Petroleum Institute disclosed that American markets were still bloated.

In spite of the fact crude inventories sank by 840,000 barrels by April 14 to 531.6 million barrels, still close to record peaks, gasoline stocks added by 1.4 million barrels as refinery crude oil runs surged by 334,000 bpd, as the API told.

Official American crude data is supposed to be issued by the Energy Information Administration later on Wednesday.

 

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