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29-Mar2018

Crude oil futures end lower as US crude inventories increase

Extending southward journey for the third straight day, Crude oil futures tumbled on Wednesday after data showed that US crude inventories unexpectedly rose.  As per the data, the Energy Information Administration (EIA) reported a build of 1.6 million barrels for the week ending March 23, while industry watcher, the American Petroleum Institute (API) reported a more significant build of 5.321 million barrels of US crude oil inventories. Although crude oil stockpiles rose, both organizations reported declining gasoline inventories. That may suggest future demand for crude oil from refineries ahead of the summer driving season.

Benchmark crude oil futures for May delivery shed 87 cents or 1.3 percent at $64.38 a barrel on the New York Mercantile Exchange. May Brent crude fell 58 cents or 0.8 percent to settle at $69.53 a barrel on London's Intercontinental Exchange.


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