NYMEX crude rebounds in Asia after bearish U.S. stocks report
Published Apr 23, 2014 08:04PM ET
NYMEX crude rebounds in Asia
Investing.com - Crude oil prices rebounded in Asia on Thursday after a decline on U.S. supplies reaching an all-time high in weekly EIA data going back to August 1982.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in June traded at $101.58 a barrel, up 0.13%, after hitting an overnight session low of $101.21 a barrel and a high of $102.07 a barrel.
Brent crude on the ICE Futures Exchange fell 16 cents, or 0.2%, to $109.11 a barrel on Wednesday.
Overnight, crude futures dropped after weekly supply data revealed the U.S. is awash in crude, though prices bounced back as a bearish report was already priced into trading.
The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 3.52 million barrels in the week ended April 18, surpassing expectations for a build of 2.27 million barrels.
Total U.S. crude oil inventories stood at 397.7 million barrels as of last week.
The EIA said total motor gasoline inventories decreased by 0.27 million barrels, compared to forecasts for a decline of 1.71 million barrels, while distillate stockpiles rose by 0.59 million barrels.
A report from the American Petroleum Institute late Tuesday showed U.S. oil inventories rose by 519,000 barrels last week, while gasoline stocks fell by 3.4 million barrels and distillate stocks increased by 570,000 barrels.
Crude prices fell on Tuesday in anticipation of a bearish supply report, though bottom fishing sent prices rising after the report published, with futures breeching into positive territory at times.
Get The News You Want
Written By: Investing.com
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.