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Oil Rally Cools on Report U.S. Stockpiles May See Surprise Gain


Wednesday, 14 August 2019 09:08 WIB

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Crude oil eased on a report showing U.S. inventories rose for a second week, after rallying sharply following a U.S. move to postpone tariffs on some Chinese goods.

Prices surrendered some gains after the American Petroleum Institute was said to find that U.S. crude supplies grew by 3.7 million barrels last week. If confirmed by government data on Wednesday, it would be the second straight surprise increase during a time when summer travel typically drains petroleum stocks.

West Texas Intermediate crude for September delivery fell 51 cents to $56.59 a barrel on the New York Mercantile Exchange as at 9:03 a.m. Singapore time. September WTI ended Tuesday's session up $2.17 at $57.10.

Brent for October settlement lost 38 cents to $60.92 a barrel on the ICE Futures Europe Exchange. The contract rose 4.7% on Tuesday for the biggest daily advance since Dec. 26.

Source : Bloomberg


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