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Oil Prices Slip on EIA Inventory Report


Friday, 22 February 2019 13:47 WIB

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Oil prices slipped on Friday in Asia amid new production data from the U.S. Energy Information Administration (EIA).

U.S. commercial crude oil inventories rose by 3.7 million barrels to 454.5 million barrels in the week ended Feb. 15, the EIA said, versus an increase of 3.6 million barrels in the previous week.

Meanwhile, U.S. refineries ran at just 85.9% of capacity last week, the EIA added, as aggressive export cuts by Saudi Arabia continued to squeeze the supply of the heavier oils required for producing transportation fuels.

The report pushed oil prices lower. Brent Oil Futures slipped 0.7% to $67.02 by 1:00 AM ET (06:00 GMT). Crude Oil WTI Futures also traded 0.1% lower to $56.94.

Source : Investing.com


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