Crude prices were seen trading lower on Wednesday, as it heads for a second monthly drop on speculation that crude inventories was at an 83-year high and after crude prices reached the $102 level on Thursday.
The North American West Texas Intermediate (WTI) crude for June delivery edged 0.81% at $100.46 a barrel on the New York Mercantile Exchange at the time of writing. At the same time, futures for the European benchmark Brent crude for June settlement traded $100.82 lower per barrel on the ICE Future Europe exchange.
Crude Supplies
Crude supplies in the US, the world’s biggest oil consumer; rose 2.2 million barrels to 399.9 million in the last week, the highest level since May 1931, reports from the US Energy Information Administration showed.
Reports from the American Petroleum Institute showed that US crude stockpiles at Cushing, Oklahoma, the delivery point for New York futures, climbed by 202,000 barrels last week.
Ukraine
Earlier this week Russia; the biggest energy exporter in the world, was imposed with new sanctions by the US and the European Union as Russian President Vladimir Putin warned that the new sanctions may lead to Russia to reconsider participation with companies in the US and the European Union in the energy sector and other key industries.
Officials from the EU, the US, Russia and Ukraine signed an agreement on April 17 in Geneva to ease tensions in Ukraine; however the agreement has been ignored as tensions between nations escalates.
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 Extends Losses as Stockpiles Rises appeared first on | HY Markets Official blog.
Article provided by HY Markets Forex Blog
