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InstaForex - Official partner of Dragon Racing

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2018.07.0514:15:00UTC+00Crude Oil Slides After Shock EIA Report

Crude oil futures fell Thursday after the government reported a surprise increase in U.S. oil inventories.

Crude inventories rose 1.2 million barrels in the week to June 29, compared with analysts' expectations for a decrease of 3 million barrels, according to the EIA.

That's also in contrast to Tuesday's industry data from the American Petroleum Institute, which said U.S. crude supplies fell by 4.5 million barrels for the week ended June 29.

Meanwhile, U.S. President Donald Trump continued his twitter tirade against the OPEC oil cartel.

Trump: "The OPEC Monopoly must remember that gas prices are up & they are doing little to help. If anything, they are driving prices higher as the United States defends many of their members for very little $'s. This must be a two way street. REDUCE PRICING NOW!"

WTI light sweet oil was down 97 cents to $73.17 a barrel, easing from a 4-year peak.

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