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Oil Prices Down on Crude Inventory Build


Thursday, 15 August 2019 13:07 WIB

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Oil prices were down on Thursday in Asia after the U.S. Energy Information Administration (EIA) reported a crude inventory build for a second week in a row.

U.S. Crude Oil WTI Futures dropped 0.4% to $54.99 by 1:45 AM ET (05:45 GMT). International Brent Oil Futures lost 0.6% to $59.12.

The EIA reported a 1.6-million-barrel crude build in the week to August 9 versus market expectations for a 2.8-million-barrel draw.

At 440.5 million barrels, inventories were about 3% above the five-year average for this time of year, the EIA said.

Oil prices also took a hit following weak industrial production, retail sales data in China and an inverted U.S. treasury yield curve that sparked recession fears.

Source : Investing.com


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