Oil descends moderately in Asia after API figures

Oil descends moderately in Asia after API figures

On Wednesday, oil sagged moderately in Asia, right after industry estimates demonstrated a steep sink in American crude inventories. Traders also watch a diplomatic clash after major Gulf Arab states snapped commercial and diplomatic ties to Qatar in the beginning of the week.

In New York, West Texas Intermediate crude futures lost 0.04%, trading at $48.17 a barrel. Meanwhile, Brent futures sank 0.06%, trading at $50.09 a barrel.

American crude inventories declined 4.620 million barrels by the end of the previous week, as the American Petroleum Institute informed on Tuesday, which is more than the 3.5 million barrels expected.

However, gasoline supplies leapt 4.1 million barrels compared with a build of 667,000 barrels observed and distillates managed to gain 1.8 million barrels compared with the expected build of 271,000 barrels.

In the USA natural gas for June inched up 0.36%, hitting $3.070 per million British thermal units.

 

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