Investing.com - Financial Markets Worldwide
🐂 Not all bull runs are created equal. November’s AI picks include 5 stocks up +20% eachUnlock Stocks

Oil lower as API reports big build-up in U.S. inventories

Published 16/02/2017, 12:56 am
LCO
-
CL
-

Investing.com - Oil was lower Wednesday as industry data showed a big build-up in U.S. crude stocks.
Brent crude was off 34 cents, or 0.61%, at $55.63 at 08:30 ET. U.S. crude fell 35 cents, or 0.66%, to $52.85.
The American Petroleum Institute Tuesday reported an increase of 9.9 million barrels in crude stocks in the latest week.
Gasoline and distillate inventories also rose.
Official Energy Information Administration figures due Wednesday are expected to show an increase in U.S. crude stocks of 3.5 million barrels.
The market remains underpinned by signs of OPEC adherence to agreed output cuts.
The cartel is implementing cuts of 1.2 million barrels per day at the start of this year for six months.
Non-OPEC members led by Russia have also agreed to cut production by 558.000 barrels a day.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.