Oil prices dipped on Wednesday, as refined product inventories in the United States rose in what the market interpreted as a sign of lacklustre demand. Brent crude futures, the international benchmark for oil prices, were down 24 cents, or 0.4 percent, at $62.62 a barrel as of 0456 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $57.38 a barrel, down 24 cents, or 0.4 percent, from their last settlement.
Traders said prices fell after an American Petroleum Institute (API) report late on Tuesday that showed a 9.2 million barrel rise in gasoline stocks in the week ended Dec. 1, and an increase of 4.3 million barrels in distillate inventories, which include motor diesel and heating oil.
With the supply cuts likely in place throughout 2018, analysts said crude prices were well supported. Robust global demand and tight supplies should see Brent crude oil rise to $70 per barrel by mid-year (2018).
Get More Equity Trading Tips Click Here>> https://goo.gl/nBwumR Or Give A Missed Call @ 9713040450 And Like >> https://www.facebook.com/capitalliferesearch.
No comments:
Post a Comment