Oil edges lower ahead of inventory data

Wednesday, 30 October 2019 19:10 WIB

Minyak WTIMinyak MentahMinyak Brent


Oil futures edged lower Wednesday as traders awaited the government's take on U.S. crude inventories.

West Texas Intermediate crude for December delivery was down 18 cents, or 0.3%, at $55.36 a barrel. January Brent crude the global benchmark, edged 4 cents lower to $61.19 a barrel, off 0.1%.

The American Petroleum Institute, an industry trade group, late Tuesday said U.S. crude inventories fell last week, though news reports disagreed over the size of the decline. Analysts said the focus instead was on a reported rise in API's estimate of crude supplies at Cushing, Oklahoma, the Nymex delivery hub, that were keeping a lid on WTI futures.

The Energy Information Administration's more closely followed round of weekly inventory data is due Wednesday morning. They're expected to show overall U.S. crude inventories up by 2.5 million barrels last week, according to analysts polled by S&P Global Platts. They also forecast supply declines of 2.5 million barrels for gasoline and 2.4 million barrels for distillates.

Source : MarketWatch


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