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Oil Prices on Mixed Course as U.S. Crude Supplies Weighed


Tuesday, 20 February 2018 20:38 WIB

Minyak WTIbrent oilOil,Crude Oil


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Oil prices were mixed Tuesday, as lower-than-expected inventories buoyed the U.S. crude grade while refinery maintenance in Europe weighed on oil prices in the region.

West Texas Intermediate futures rose 43 cents, or 0.7%, to $62.11 a barrel. Brent crude, the global benchmark, slipped 46 cents, or 0.7%, to $65.21 a barrel.

Investors are assessing conflicting U.S. data from last week about surging U.S. shale output coupled with a lower than expected build up in U.S. stocks and falling oil inventories at Cushing, Okla., which have declined by nearly 50%, according to analysts at Standard Chartered.

Now refinery maintenance in several regions including Europe is putting a damper demand for crude causing a divergence of the crude grades.

Source : Marketwatch


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