Oil Edges Lower After Trump Calls For Cheaper Prices and Data Show a Crude Build

Wednesday, 26 September 2018 18:31 WIB

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Oil futures slipped early Wednesday in New York after an inventory report showed an increase in supplies and as President Donald Trump reiterated a call for an increase to output among major producers to keep crude prices lower.

The American Petroleum Institute reported late Tuesday that U.S. crude supplies rose by 2.9 million barrels for the week ended Sept. 21, according to sources. Analysts polled by S&P Global Platts had expected a fall of 2.2 million barrels in crude supplies.

November West Texas crude gave up 16 cents to trade 0.2% lower at $72.12 a barrel on the New York Mercantile Exchange, following its third session rise in a row and highest settlement since July 10 on Tuesday.

Global benchmark November Brent slipped 22 cents, or 0.3%, to reach $81.06 a barrel on the ICE Futures Europe exchange, after notching the highest finish for a front-month contract since Nov. 10, 2014, according to Dow Jones Market Data.

Source : Marketwatch


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