Oil Drops for a Third Day as a Report Shows U.S. Stockpiles Rose
Wednesday, 15 August 2018 08:57 WIB | ENERGY |Minyak WTIMinyak Brent

Oil slid for a third day as industry data was said to show American stockpiles increased and as Libya ramps up its crude output, potentially offsetting production declines in other OPEC members.

Futures in New York dropped as much as 0.8 percent. U.S. crude inventories rose by 3.66 million barrels last week, the American Petroleum Institute was said to report before government data due Wednesday. That compares with a 2.5-million barrel decline forecast in a Bloomberg survey. Meanwhile, Libya is said to now be pumping more than 1 million barrels a day, about 40 to 50 percent above its mid-July production.

West Texas Intermediate crude for September delivery traded at $66.67 a barrel on the New York Mercantile Exchange, down 37 cents at 9:01 a.m. in Singapore. The contract is down about 1.4 percent so far this week. Total volume traded was about 61 percent below the 100-day average.

Brent for October settlement was 29 cents lower at $72.17 a barrel.

Source: Bloomberg

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