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Crude Oil Futures Settle Slightly Weak

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Crude Oil Futures Settle Slightly Weak

Crude oil futures settled slightly lower on Wednesday as traders weighed global energy demand and supply prospects, tracking inventory data and reports showing continued surge in coronavirus cases in Asia.

Data showing a sharp decline in U.S. crude inventories helped limit oil’s downside.

West Texas Intermediate Crude oil futures for June ended down by $0.06 at $65.63 a barrel, well off the session’s high of $66.76.

Brent crude futures were down $0.22 or 0.32% at $68.66 a barrel a little while ago.

Data released by Energy Information Administration (EIA) this morning showed crude oil inventories dropped by 7.99 million barrels last week, more than three times the expected decline.

Distillate stockpiles, which include diesel and heating oil, fell 2.896 million barrels in the week against expectations for a draw of 1.12 million barrels, the EIA data showed. Gasoline inventories were up 737,000 barrels in the week, as against expectations for a draw of 652,000 barrels.

The EIA data also said U.S. crude exports hit a record high of 4.1 million barrels per day last week.

The American Petroleum Institute (API) reported late Tuesday that U.S. crude stockpiles fell by 7.7 million barrels in the week ended April 30. That was more than triple the drawdown expected by analysts polled by Reuters.

In economic news from Euro zone, data showed Eurozone private sector growth continued for second consecutive month as manufacturing and services industries expanded. The IHS Markit composite purchasing managers’ index rose to 53.8 in April from 53.2 in March. That was slightly stronger than a preliminary reading of 53.7.

The material has been provided by InstaForex Company – www.instaforex.com