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Oil Rally Fizzles on Signs U.S. Inventories Halt 9-Week Slide


Wednesday, 24 January 2018 08:16 WIB

BrentMinyak WTI


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Oil halted gains near the highest in more than three years as U.S. industry data signaled crude stockpiles rose for the first time in 10 weeks.

Futures were little changed in New York after closing at the highest level since December 2014 on Tuesday. Inventories climbed by 4.76 million barrels last week, the American Petroleum Institute was said to report. Government data Wednesday is forecast to show U.S. supplies dropped by 2 million barrels, capping the longest run of weekly declines in more than 30 years.

West Texas Intermediate for March delivery was at $64.44 a barrel on the New York Mercantile Exchange, down 3 cents, at 7:39 a.m. in Hong Kong. Total volume traded was about 56 percent below the 100-day average. WTI closed at $64.47 on Tuesday after advancing for a second session.

Brent for March settlement climbed 93 cents, or 1.4 percent, to $69.96 a barrel on the London-based ICE Futures Europe exchange on Tuesday. The global benchmark crude ended the session at a premium of $5.49 to WTI.

Source: Bloomberg


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