Oil prices took to split paths early Wednesday, with U.S.-priced crude lower after a snapshot of production data revealed a U.S. inventory build. But the international benchmark Brent maintained modest gains, to build on a strong April showing.
Crude prices broadly settled higher on Tuesday as the Saudis looked to defy President Donald Trump’s request to pump more oil to keep down prices, and as a fresh uprising in Venezuela fed uncertainty over the country’s output.
U.S.-based West Texas Intermediate crude for June delivery was down 31 cents, or 0.5%, at $63.60 a barrel on the New York Mercantile Exchange. Front-month contract prices notched an April rise of 6.3%—their fourth straight monthly gain, according to Dow Jones Market Data.
Global benchmark July Brent crude which is now the front month, was up 74 cents, or 1%, at $72.78 a barrel. Front-month contract prices were up about 6.5% for last month.
Source : MarketWatch