Crude oil prices were seen falling on Wednesday, following the previous drop of 2% dragged by the news that the Libyan rebels said that they agreed to re-open vital ports in the country. Meanwhile oil traders are awaiting data on the US stockpiles for the last week from the Energy Information Administration.
Futures for the West Texas Intermediate (WTI) for May delivery dropped 0.12% to $99.63 a barrel on the New York Mercantile Exchange at the time of writing. Brent crude futures for May settlement remained flat at $105.63 a barrel on the ICE Futures Europe exchange at the same time.
The European benchmark Brent crude was at a premium of $5.88 to WTI, after closing at $6.18 on Tuesday.
In Libya, the rebels announced their agreement with the government to re-open vital ports, which would end the eight-month deadlock that have been harming the nation’s income, according to reports from Reuters.
Crude Supplies
Investors awaits fresh data on crude stockpiles from the US Energy Information Administration (EIA), as analysts expects the report to show an increase in crude stockpiles by 2.5 million barrels in the previous week, following the climb of 6.6 million barrels a week earlier.
Distillate inventories are expected to have dropped by 300,000 barrels last week.
On Tuesday, the American Petroleum Institute (API) confirmed crude stockpiles declined by 5.8 million barrels in the week ending March 28 to 373.5 million barrels, compared to analysts’ forecasts of a rise by 1.1 million barrels.
According to the reports from API, crude stocks at Cushing, Oklahoma dropped by 1.5 million barrels, while gasoline inventories rose.
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