Thursday, January 17, 2019
(BUSINESS) Oil Prices Slip As U.S. Crude Output Nears 12mbpd
U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.92 per barrel at 0752 GMT, down 39 cents, or 0.8 per cent, from their last settlement.
READ: (BUSINESS) Crude Oil Rise Up On Hope Of China-US trade Truce
The EIA also said gasoline stockpiles climbed 7.5 million barrels last week, far exceeding analyst expectations in a Reuter’s poll for a 2.8 million-barrel gain. At 255.6 million barrels, gasoline stocks were at their highest weekly level since February, 2017. “While (U.S. crude) inventories fell slightly more than expected, there was a large build in gasoline inventories. “This stoked fears of weak demand in the U.S.,’’ ANZ Bank said in a note.