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Oil trades near unchanged as storage worries ease

Wednesday, 13 May 2020 19:13 WIB

Minyak WTIMinyak jenis Brent

Oil futures traded near unchanged Wednesday, with investors looking ahead to official data on U.S. inventories for signs a storage crisis is easing.

West Texas Intermediate crude for June delivery on the New York Mercantile Exchange was up 1 cent at $26.34 a barrel. The global benchmark, July Brent BRN00, 0.97% was off 2 cents at $29.96 a barrel on ICE Europe.

The American Petroleum Institute, an industry trade group, reported late Tuesday that U.S. crude supplies rose by 7.6 million barrels for the week ended May 8, according to sources. But the data also showed that inventories at Cushing, Oklahoma, the delivery hub for Nymex futures, declined by about 2.3 million barrels.

Source: Marketwatch

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