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Oil Prices Recover Slightly After Plunging 4% on Crude Inventories Data


Thursday, 13 June 2019 13:16 WIB

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Oil prices recovered slightly on Thursday in Asia after a slump in the previous session on crude inventories data.

U.S. Crude Oil WTI Futures were up 0.4% to $51.34 by 12:57 AM ET (04:57 GMT). International Brent Oil Futures gained 0.9% to $69.49.

The Energy Information Administration (EIA) said in its regular weekly report on Wednesday that crude oil inventories increased by 2.21 million barrels in the week to June 7.

That was compared to forecasts for a stockpile draw of 0.48 million barrels after a surge of 6.77 million barrels in the previous week.

The EIA report also showed that gasoline inventories increased by 0.76 million barrels, compared to expectations for a gain of 0.74 million barrels, although distillate stockpiles fell unexpectedly by 1 million barrels, compared to forecasts for a build of 1.14 million.

Source : Investing.com


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