Crude prices traded flat on Wednesday, dropping from its highest level in four months on Chinese credit growth data and speculation that inventories in Cushing Oklahoma, declines in the previous week.
West Texas Intermediate (WTI) added 0.03% to $102.14 per barrel on the New York Mercantile Exchange at the time of writing, while Brent crude for April settlement came in 0.36% lower at $110.09 a barrel on the ICE Futures Europe exchange.
Crude – Cushing Inventories
A report from Genscape revealed crude stockpiles at Cushing, Oklahoma declined by 1.4 million barrels since Tuesday.
Analysts are expecting reports from the Energy Information Administration, which will be released on Thursday and the weekly crude stockpiles report from the American Petroleum Institute which will be delayed by a day.
The North American West Texas Intermediate crude climbed to a four-month high of $102.01 a barrel on Tuesday, as the world’s second largest oil consumer, China, reported its record new credit growth data.
According to a Citigroup Inc. analyst, the European benchmark Brent crude is turning into a “broken benchmark” due to the drop in supplies from the North Sea.
Crude – Libya
The ongoing protest in Libya continues to weigh on the oil supply from the country’s largest oil field El Sharara as production dropped to 375,000 barrels per day, a spokesman from National Oil Corporation (NOC) confirmed.
Iran
Meanwhile talks between Iran and the six world powers are expected to commence on Tuesday to finalize the settlement on the Persian Gulf’s nuclear program in the near future.
Visit www.hymarkets.com to find out more about our products and start trading today with only $50 using the latest trading technology today.
The post Crude Prices Trades Flat on Chinese Credit Growth Data appeared first on | HY Markets Official blog.
Article provided by HY Markets Forex Blog
