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Oil Prices Fall on Soaring U.S. Crude Stockpiles


Thursday, 2 May 2019 13:28 WIB

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Oil prices fell on Thursday in Asia after a weekly U.S. Energy Information Administration (EIA) report showed U.S. crude stockpiles rose much more than expected.

The U.S. Crude Oil WTI Futures were down 0.2% to $63.45 by 12:30 AM ET (04:30 GMT), while international Brent Oil Futures also fell 0.2% to $72.00.

Crude stockpiles rose by 9.9 million barrels in the week to April 26, six times more than the forecasts for a build of 1.5 million, the EIA said in its regular weekly report.

The EIA said gasoline inventories rose by 0.9 million barrels, compared to expectations for a draw of 1 million barrels. Distillate stockpiles dropped by 1.3 million barrels, compared to forecasts for a decline of 193,000 barrels.

U.S. crude production, meanwhile, rose by 100,000 barrels, to a record high of 12.3 million barrels per day.

Source : Investing.com


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