Crude sinks 1% on surprise soar in US inventories

Crude sinks 1% on surprise soar in US inventories

On Wednesday, crude lost 1%, with ascending US fuel inventories pulling American crude back below $50 per barrel. Meanwhile, still high OPEC supplies put pressure on international oil prices.

American West Texas Intermediate crude futures hit $48.69 per barrel descending 1% from its previous settlement. It took place after on Tuesday the contract started above $50 for the first time since May 25.

As for Brent crude futures, this benchmark lost nearly 1% too, sticking to $51.31 a barrel.

According to the American Petroleum Institute, by July 28 American crude stocks managed to jump by 1.8 million barrels, ruining hopes that recent inventory draws turned to be a sign of a tightening American market.

Outside the USA, this week Brent futures were suppressed by reports, showing output from OPEC at a 2017 maximum of 33 million barrels a day. It’s notwithstanding OPEC's promise to limit output along with other non-OPEC oil producers by about 1.8 million bpd from January to March 2018.

 

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