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Oil prices pull back on weaker-than-expected U.S. supply drop


Wednesday, 19 June 2019 19:18 WIB

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Oil futures prices slipped Wednesday after closing at their highest level in over a week, as a snapshot of U.S. supply data showed a drawdown in stockpiles that was smaller than bullish investors had expected.

In recent trade, West Texas Intermediate crude for July delivery fell 8 cents, or 0.2%, to $53.83 a barrel on the New York Mercantile Exchange.

August Brent crude fell 51 cents, or 0.8% to $61.63 a barrel on ICE Futures Europe. It wrapped up Tuesday at $62.14, the highest settlement in a week.

Broader financial market action continues to color energy market sentiment. Tuesday's oil-price gains came after a tweet from U.S. President Donald Trump suggested progress in trade talks with China, lifting benchmark stock indexes and easing concerns over energy demand. U.S. stock market indicators pointed higher again Wednesday, with records in sight, though action was muted.

Source : Marketwatch


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