Oil prices dip on bloated U.S. market, mixed Saudi signals

19 Apr 2017   Prices

Oil prices dipped on Wednesday as bloated U.S. supplies weighed on markets while a fall in Saudi crude exports was offset by rising production in the country. Brent crude futures LCOc1, the international benchmark for oil, were at $54.84 per barrel at 0059 GMT, down 5 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were down 4 cents at $52.37 a barrel. “Crude oil prices were slightly weaker as the focus turned back to U.S. inventories and output,” ANZ bank said on Wednesday. Data from the American Petroleum Institute (API) on Tuesday showed that U.S. markets remained bloated. Although crude inventories fell by 840,000 barrels in the week to April 14 to 531.6 million barrels, still close to record highs, gasoline stocks rose […]

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