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- Oil: digesting U.S. crude inventories data
Oil: digesting U.S. crude inventories data
West Texas Intermediate futures for August delivery slid to $60.13 (-0.23%), while Brent crude for August slightly declined to $63.44 (-0.08%) a barrel amid mixed data from the U.S. Energy Information Administration.
On one hand U.S. commercial crude-oil supplies in the week ended June 19 fell more than analysts had expected (-4.9 million barrels vs -1.8 million barrels expected). This was the eighth straight decline. On the other hand stockpiles remained above average levels. U.S. gasoline stocks climbed 680,000 barrels to 218.49 million and weighed on crude prices, which had initially advanced amid the greater-than-expected drop in supplies. Earlier analysts expected a decline in gasoline stockpiles.
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