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[size=36]Oil and oil divergence continues losses after rising inventories[/size]
Economy | 10:50 - 18/07/2019
Mawazine News continued
mixed with oil prices on Thursday as US crude continued its losses after falling in the previous session following data showing US inventories of products such as gasoline rose strongly last week, indicating weak demand during the summer travel season.
By 0333 GMT, Brent crude futures were up 6 cents, or 0.1 percent, at $ 63.72 a barrel. Global crude futures were down 1.1 percent on Wednesday.
WTI fell 8 cents, or 0.1 percent, to $ 56.7. Crude fell 1.5 percent in the previous session.
Data from the US Energy Information Administration on Wednesday showed a lower-than-expected drop in crude oil inventories last week, but traders are focusing on large increases in refined product inventories, pushing prices down.
The US Energy Information Administration said US crude inventories fell 3.1 million barrels, exceeding analyst expectations for a 2.7 million barrel drop.
But gasoline stocks rose 3.6 million barrels, compared to analysts' forecasts in a Reuters poll of 925,000 barrels.
"Gasoline consumption is worryingly poor, given that US consumers are at the peak of the travel season," said Steven Ince of Vanguard Markets.
Last week's oil production was marred by the storm Barry, who arrived on land on Saturday in central Louisiana as a Category 1 hurricane, the first major storm to hit the Gulf of Mexico this summer.
Oil prices fell this week as tensions over a Middle East conflict, oil production resumed in the Gulf of Mexico after the storm and concerns about China's economy grew.
mixed with oil prices on Thursday as US crude continued its losses after falling in the previous session following data showing US inventories of products such as gasoline rose strongly last week, indicating weak demand during the summer travel season.
By 0333 GMT, Brent crude futures were up 6 cents, or 0.1 percent, at $ 63.72 a barrel. Global crude futures were down 1.1 percent on Wednesday.
WTI fell 8 cents, or 0.1 percent, to $ 56.7. Crude fell 1.5 percent in the previous session.
Data from the US Energy Information Administration on Wednesday showed a lower-than-expected drop in crude oil inventories last week, but traders are focusing on large increases in refined product inventories, pushing prices down.
The US Energy Information Administration said US crude inventories fell 3.1 million barrels, exceeding analyst expectations for a 2.7 million barrel drop.
But gasoline stocks rose 3.6 million barrels, compared to analysts' forecasts in a Reuters poll of 925,000 barrels.
"Gasoline consumption is worryingly poor, given that US consumers are at the peak of the travel season," said Steven Ince of Vanguard Markets.
Last week's oil production was marred by the storm Barry, who arrived on land on Saturday in central Louisiana as a Category 1 hurricane, the first major storm to hit the Gulf of Mexico this summer.
Oil prices fell this week as tensions over a Middle East conflict, oil production resumed in the Gulf of Mexico after the storm and concerns about China's economy grew.
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