Oil Prices Under Pressure After API Reports Large Gasoline Build

4 Oct 2017   Prices

The American Petroleum Institute (API) reported a draw of 4.079 million barrels in United States crude oil inventories, compared to more modest analyst expectations that inventories would draw only 756,000 barrels for the week ending September 29. Gasoline inventories, on the other hand, delivered a blow with a larger than expected build of 4.19 million barrels for the week ending September 29, against an expected build of only 1.088 million barrels. Last week, too, saw a large gasoline build. Both WTI and Brent benchmarks fell again on Tuesday after a bad Monday, both down more than a dollar week on week as reports that OPEC raised production in September by as much as 120,000 barrels per day, according to a Bloomberg survey. WTI hitting a 7-month high last Monday at $52.22. At 2:56pm EST, WTI was trading down 0.04% (-$0.02) at $50.44 , while Brent crude traded down 0.27% […]

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