Oil turns positive as US crude inventories fall by 2.3m barrels, says EIA

crude oil barrels424 July 2016, Abuja – Oil prices turned positive after earlier falling to a two-month low on Wednesday as government data showed a ninth consecutive decline in crude stockpiles.

U.S. commercial crude stockpiles fell by 2.3 million barrels to a total of 519.5 million barrels, the Energy Information Administration reported.

The report matched an earlier assessment from industry group the American Petroleum Institute.

The EIA and API data were just above a 2.1 million-barrels draw forecast in a Reuter’s poll.

Meanwhile, gasoline stocks rose by 911,000 barrels, compared with the Reuters poll forecast for no change. Distillate stockpiles, which include diesel and heating oil, fell by 214,000 barrels, versus expectations for a 600,000-barrel increase, the EIA data showed.

Brent crude was up 30 cents at $46.96 a barrel by 10:48 a.m. On Tuesday, the contract settled down 30 cents, or 0.6 percent, at $46.66 barrel.

U.S. West Texas Intermediate (WTI) crude was up 16 cents at $44.81 a barrel, having earlier fallen to $43.69, its lowest intraday level since May 10. The August contract expires at the close of trade. The contract for September delivery was up 17 cents at $45.62.

 

  • The Guardian
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