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Oil Prices Slip as EIA Reports Higher-Than-Expected Crude Stockpiles

Thursday, 7 November 2019 12:35 WIB

Minyak WTIbrent oilOil,Crude Oil

Oil prices slipped on Thursday in Asia after the Energy Information Administration (EIA) reported that U.S. oil inventories rose much more than market expected last week.

U.S. Crude Oil WTI Futures slipped 0.1% to $56.30 by 12:01 AM ET (04:01 GMT). International Brent Oil Futures also inched down $61.67.

The EIA said oil stockpiles rose by 7.9 million barrels, compared with expectations from analysts for an increase of about 1.5 million barrels.

Gasoline stockpiles fell by 2.8 million barrels, versus an expectation for a draw of 1.8 million barrels. Distillates inventories fell 622,000 barrels, compared with forecasts for a drop of about 950,000.

Source : Investing.com

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