empty
 
 

2019.04.0406:23:00UTC+00Oil Prices Ease On Large Inventory Build

Oil prices fell slightly on Thursday, with Brent crude futures edging away from the psychologically important $70 level after data showed that U.S. crude oil inventories rose unexpectedly last week.

Benchmark Brent crude dropped 11 cents to $69.20 a barrel, while U.S crude oil WTI futures were down about 0.1 percent at $62.41.

Overnight data released by the Energy Information Administration showed that crude oil inventories rose by 7.24 million barrels in the week ended March 29.

That compared to forecasts for a stockpile draw of over 0.4 million barrels. In the week ended March 22, stockpiles increased by 2.8 million barrels.

While gasoline inventories dropped by 1.78 million barrels last week, distillate stockpiles dropped by 2 million barrels.

In other news, investors keep an eye on the latest Brexit developments and ongoing U.S.-China talks for further direction.

After U.K. lawmakers approved a bill forcing Prime Minister Theresa May to ask for a Brexit delay, the government and the main opposition are expected to hold further crisis talks today.

White House economic adviser Larry Kudlow said Wednesday the U.S. and China hope to get closer to a trade deal this week.

President Donald Trump is due to meet with Chinese Vice Premier Liu He in Washington today.

  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST
  • Trade Wise, Win Device
    Top up your account with at least $500, sign up for the contest, and get a chance to win mobile devices.
    JOIN CONTEST
  • 100% Bonus
    Your unique opportunity to get a 100% bonus on your deposit
    GET BONUS
  • 55% Bonus
    Apply for a 55% bonus on your every deposit
    GET BONUS
  • 30% Bonus
    Receive a 30% bonus every time you top up your account
    GET BONUS


Can't speak right now?
Ask your question in the chat.
Widget callback