Oil prices sank on Wednesday following a report of another rise in U.S. crude stockpiles and as the market continues to grapple with concerns about fuel demand.
U.S. commercial crude inventories rose by 4.9 million barrels in the week through June 7, according to the American Petroleum Institute, an industry group. Analysts in a Reuters poll had expected stockpiles to fall by 481,000 barrels.
Traders are now waiting for confirmation when the U.S. Energy Information Administration releases official government figures at 10:30 a.m. ET. Last week, crude futures fell to a nearly five-month low after EIA figures showed crude stocks surged to the highest level since July 2017.
Brent crude, the international benchmark for oil prices, was down $1.54, or 2.5%, at $60.75 around 8:35 a.m. ET (12:35 GMT). Brent hit a session low at $60.30 in early morning trading.
U.S. West Texas Intermediate crude futures fell $1.44, or 2.7%, to $51.83 per barrel. WTI fell as low as $51.46 earlier in the session.
Source : CNBC
RELATED NEWS
Oil rises as markets wait on virus impact, US stocks fall
Wednesday, 29 January 2020 20:12 WIBOil prices rose for a second day on Wednesday, recouping some losses after a five-day rout on talk that OPEC could extend oil output cuts if a new coronavirus hurts demand, while data showing a decline in U.S. stockpiles helped steady prices. Brent crude rose 66 cents, or 1.1%, to $60.17 a barrel b...
Oil gains amid assessment of China virus impact, possible OPEC supply cuts
Wednesday, 29 January 2020 13:40 WIBOil prices rose for a second day on Wednesday, standing on firmer ground after a five-day rout on talk that OPEC could extend oil cuts if a new coronavirus hurts demand, while data showing a decline in U.S. stockpiles also helped steady prices. Brent crude (LCOc1) rose 85 cents, or 1.43%, to $60.36...
Oil Extends Revival From Virus Rout After U.S. Stockpiles Report
Wednesday, 29 January 2020 09:14 WIBOil extended its recovery from a virus-induced slump as a report showing a drop in U.S. crude inventories, a rebound on Wall Street and speculation OPEC+ will step in to prop up prices reassured investors. The American Petroleum Institute reported stockpiles fell by 4.27 million barrels l...
Oil rout extends to sixth day as China virus death toll rises
Tuesday, 28 January 2020 18:23 WIBOil futures were set for a sixth day of losses as the death toll from a virus in China rose, but the heavy sell-off of recent sessions was curbed by output outages in Libya and OPEC comments designed to calm demand fears. Brent crude (LCOc1) was down 51 cents at $58.81 a barrel at 0925 GMT, having ...
Oil falls for sixth day as China virus raises global growth, demand concerns
Tuesday, 28 January 2020 13:57 WIBOil futures fell for a sixth session on Tuesday as the spread of a new virus in China and several countries raised concerns about a hit to economic growth and oil demand. Brent crude was down 37 cents, or 0.6%, to $58.95 at around 03:48 GMT, after touching a three-month low on Monday at $58.50, as ...
Gold Jumps as Investors Seek a Haven Amid Growing Virus Fears
Gold Hits 3-Week High, on Course to Reclaiming $1,600 Perch
Gold Snaps 4-Day Rise as Markets Take Breather From Virus
Dollar Advance Kept in Check by Yen Amid Safe-Haven Rush
Gold Climbs to 2-Week High as Virus Fears Spark Safety Buying
Dow Rises For Second Day as Earnings Overshadow Coronavirus Worries
Wednesday, 29 January 2020 23:56 WIB
Stocks traded higher Wednesday, as investors waded through a flood of corporate earnings reports, with better-than-expected results from blue-chip names, including Apple, Dow and McDonalds, helping to overshadow some of the concerns related to the...