Tokyo — Oil prices fell on Wednesday after data showed a surprise rise in US crude stockpiles and Chinese industrial output for April grew less than expected, but prices were supported by mounting tension in the Middle East. Brent crude futures were at $71.04 a barrel at 3.58am GMT, down 20c, or 0.3%, from their last close. Brent closed 1.4% higher on Tuesday. US West Texas Intermediate (WTI) crude futures were at $61.38 a barrel, down 40c, or 0.7%, from their previous settlement. WTI closed up 1.2% in the previous session. US crude stockpiles unexpectedly rose last week, while petrol and distillate inventories increased, data from industry group the American Petroleum Institute (API) showed on Tuesday. Crude inventories rose by 8.6-million barrels in the week to May 10 to 477.8-million, compared with analysts’ expectations of a decrease of 800,000 barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 2.1-million barrels, API said. The US energy department’s Energy In...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.