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Oil Prices Fall as U.S. Crude Stockpiles Rise Sharply


Thursday, 17 October 2019 13:35 WIB

Minyak WTIMinyak MentahMinyak Brent


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Oil prices fell on Thursday in Asia after the American Petroleum Institute (API) said crude stockpiles rose sharply last week.

U.S. Crude Oil WTI Futures lost 0.8% to $52.92. International Brent Oil Futures were down 0.7% to $59.02.

The API said crude inventories rose by 10.5 million barrels to 432.5 million barrels for the week ended Oct. 11.

The Energy Information Aministration (EIA) weekly report is due at 10:30 AM ET (14:30 GMT). The EIA is expected to report a build of 2.88 million barrels.

Meanwhile, concerns over an escalation in the U.S.-China trade war and weak economic indicators lingered and were cited as headwind for the oil markets, although losses were limited after U.S. Treasury Secretary Steven Mnuchin said China and the U.S. are nailing down a phase one trade deal text for their presidents to sign in November.

Source : Investing.com


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