Oil Drops as Industry Reports Shows Big Jump in U.S. Stockpiles
Thursday, 17 October 2019 09:11 WIB | ENERGY |Minyak BrentMinyak MentahMinyak WTI

Oil fell after an industry report showed a sharp jump in U.S. inventories, adding to concern that supply keeps growing as demand ebbs.

Futures in New York dropped as much as 1.1% after closing up 1% on Wednesday. The American Petroleum Institute reported crude inventories rose by 10.5 million barrels last week, according to people familiar with the data. That would be the biggest increase since February 2017 if confirmed by the official Energy Information Administration figures due Thursday.

West Texas Intermediate for November delivery dropped 38 cents, or 0.7%, to $52.98 a barrel on the New York Mercantile Exchange as of 9:51 a.m. Singapore time. The contract added 55 cents on Wednesday, its first gain in three days.

Brent crude for December settlement fell 29 cents, or 0.5%, to $59.13 on the London-based ICE Futures Europe Exchange. The global benchmark crude traded at a $6.03 premium to WTI for the same month.

Source : Bloomberg

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