The West Texas Intermediate oil slipped for the second time on Wednesday, after reports from the industry data showed U.S inventories increased for a fourth week .
Reports from the American Petroleum Institute showed that the U.S oil stockpiles rose to 532,000 barrels last week. With a decline of 1 million barrels expected, investors will closely monitor the government reports on oil inventories. WTI crude oil futures slid as much as 0.7 % in New York, while they were trading 0.52% lower to $95.68 a barrel and Brent Oil decreased as much as 41 cents (0.4 %) to $103.50 a barrel for the July settlement.
Earlier this month the Chinese crude oil inventories increased by 0.1 % in the month of April, which includes the Chinese petrochemicals, oil and gas. According to reports and calculations by Bloomberg, stockpiles rose to 28.7 million metric tons marking a three-month high.
In the Middle East, Saudi Arabian oil exports declined to 7.42 million barrels a day in March, which indicates it came down by 300,000 barrels from the previous month, according to data showed.
The International Energy Agency ( IEA ) said the global oil demand would increase by 6.1 million barrels a day to 96.7 million a day by the year 2018 according to market reports .
“Following several years of stronger-than-expected North American supply growth, the shockwaves of rising US shale gas and light tight oil and Canadian oil sands production are reaching virtually all recesses of the global oil market,” the IEA said in its market report.
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