Oil remains down on data of Cushing inventory build

Market Reports | Business | Markets 11/29/2016, 10:53 PM
Oil remains down on data of Cushing inventory build

Prices of crude remained near daily lows on Tuesday as traders digested media reports the American Petroleum Institute measured a significant increase in inventories in the industry hub in Cushing, Oklahoma. The volume allegedly jumped last week by 2.3 million barrels, the most in a year and a half, even though total oil in stock in the United States was reduced – by slightly more than 700,000 barrels. Adding to bearish sentiment was information, obtained from market participants, that gasoline and distillate reserves climbed by 3.4 and 2.2 million barrels, respectively. 

West Texas Intermediate for delivery in January bled 3.28% from yesterday's close to $45.33 per barrel at ICE Futures Europe. The benchmark contract for Brent was 3.3% in the red at $46.5 for one barrel (both 10:40 p.m. CET). The two contracts earlier dipped as low as $44.83 and $45.92, respectively. The dollar lost 0.22% against a basket of major peers at 10:51 p.m. CET.

TeleTrader Newsroom / IT


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