Oil rises after API data shows small inventory decline
Published Sep 24, 2013 08:35PM ET
On the New York Mercantile Exchange, light, sweet crude futures for November delivery rose 0.21% to USD103.35 per barrel in Asian trading Wednesday. The November contract settled lower by 0.44% at USD103.13 per barrel on Tuesday.
Earlier Wednesday, the American Petroleum Institute said U.S. oil inventories inched down by 54,000 barrels for the week ended September 20. Analysts expected a decline of 1.5 million barrels. Gasoline stockpiles increased by 341,000 barrels while distillate inventories climbed by 485,000 barrels.
Analysts expected gasoline stocks to fall by 1.5 million barrels and distillate inventories to decline by 1 million barrel. The more widely followed inventories data from the U.S. Energy Department is due out later Wednesday.
Oil fell Tuesday due to a pair of tepid U.S. data points. In U.S. economic news out Tuesday, the S&P/Case-Shiller Home Price Index, which measures home prices in 20 U.S. metro areas, rose 12.4% in July on a year-over-year basis. That was inline with economists’ expectations. Prices rose 0.6% from June to July, but economists expected an increase of 0.8%. Thirty-year mortgage rates have risen to about 4.5% from 3.3% at the start of this year.
The Conference Board said its consumer confidence index fell to 79.7 in September from 81.8 in August. The June reading of 82.1 was the highest in five and a half years.
Elsewhere, Brent crude futures for November delivery inched down 0.03% to USD108.74 per barrel on the ICE Futures Exchange.
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Written By: Investing.com
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