Oil Futures Prices Pare Losses After Larger-Than-Expected Decline in US Stockpiles

12:11 PM, Apr 4, 2018 — Oil futures prices were paring losses on Wednesday afternoon after government data showed a bigger-than-expected decline in US inventories of crude oil last week.

West Texas Intermediate crude oil futures, the main US oil benchmark, were 0.6% lower at $63.12 per barrel in recent trade, up from an intraday low of $62.16 per barrel. Brent crude futures, the international gauge, were down by 0.8% at $67.61 per barrel, also up from an intraday low of $66.69 per barrel. .

US commercial crude oil inventories fell by 4.6 million barrels to 425.3 million barrels in the week ended March 30, according to data published by the Energy Information Administration. This compares to the American Petroleum Institute’s forecast, released on Tuesday, for a 3.3 million barrel weekly increase.

Total motor gasoline inventories fell by 1.1 million barrels compared to a drop of 3.5 million barrels a week earlier. Distillate fuel inventories increased by 0.5 million barrels compared to a drop of 2.1 million barrels the week before. And propane/propylene inventories rose by 0.6 million barrels compared to a drop of 1.2 million barrels last week

Price: 22.57 Price Change: +0.34 Percent Change: +1.53

 

Get Live Briefs Pro