Oil declines on soaring American fuel stocks

Oil declines on soaring American fuel stocks

On Wednesday, crude dived because refined product inventories in America rallied in what the market interpreted as a true indication of lackluster demand.

American West Texas Intermediate crude futures hit $57.37 a barrel, sinking 0.4% from their previous settlement.

As for Brent crude futures, they lost 0.4% reaching $62.62 a barrel.

Market participants told that the lower prices emerged after a report by the American Petroleum Institute had pointed to a 9.2 million barrel leap in gasoline stocks by December 1 as well as a soar of 4.3 million barrels in inventories of distillates, including heating and diesel oil.

The very perception that the higher fuel stocks hinted at weak demand overshadowed the fact that crude inventories inched down by 5.5 million barrels reaching 451.8 million.

Robust global demand along with tight supplies might bring Brent crude to $70 a barrel by mid-2018, as some financial experts foresee.

Similar

Gold declines on Fed remarks

On Wednesday, gold headed south and kept to a one-year minimum due to the fact the evergreen buck managed to strengthen on Fed Chair’s remarks, which backed views that the US major financial institution considers lifting its interest rates this year…

Popular

Asian shares tumble with Japan markets shut

On Monday, stocks in Asia declined with markets in Japan unavailable for a holiday and traders watching oilfield-related stocks after a bankruptcy filing by Singapore's Ezra Holdings…

Greenback surges as yields soar

On Friday, the evergreen buck added against the Japanese yen and euro, drifting away from recent minimums, though revenues were capped as traders focused on a showdown between Donald Trump and members of his own party as for a fresh healthcare bill…

Deposit with your local payment systems

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Internal error. Please try again later

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera