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Oil Prices Slide on Surprise Increase in U.S. Inventories


Thursday, 28 March 2019 13:42 WIB

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Oil prices slid on Thursday after data showed an unexpected rise in U.S. inventories.

U.S. Crude Oil WTI Futures slid 0.3% to $59.23 by 12:30 AM ET (04:30 GMT). International Brent Oil Futures was down 0.2% to $67.13.

The U.S. Energy Information Administration (EIA) reported that U.S. crude stocks increased by 2.8 million barrels last week. Markets previously expected a decrease of 1.2 million barrels.

The data disappointed oil bulls counting on a third-straight week of draws after a total inventory slide of nearly 14 million barrels in the two previous weeks.

The EIA also reported that gasoline inventories fell by 2.88 million barrels, compared with expectations for a draw of 2.78 million barrels. Distillate stockpiles dropped by 2.08 million barrels, compared with forecasts for a decline of 0.9 million.

Source : Investing.com


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