Brent, WTI Regain Little Ground
Oil prices on Wednesday regained little ground lost in the previous session, weighed down by industry data suggesting US crude inventories fell less than expected.
West Texas Intermediate crude futures were up 31 cents at $57.93 a barrel, CNBC reported. Brent crude futures gained 53 cents to $64.88 a barrel. Both benchmarks had shed more than 3% on Tuesday.
Crude inventories fell by 1.4 million barrels in the week to July 12 to 460 million barrels, the American Petroleum Institute said on Tuesday. That compared with analyst expectations for a drop of 2.7 million.
The smaller-than-expected decline suggested production shut-ins caused by Hurricane Barry late last week had little impact on inventories.
Gasoline stocks also fell, the API data showed, but less than expected, and distillate inventories rose more than forecast.
Official data from the US government’s Energy Information Administration is due. If confirmed, it would be the fifth consecutive weekly decline, the longest stretch since the beginning of 2018.
source: Financial Tribune
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