Trading Forex

WTI prices stumble after gasoline inventory shocker

By Henning Gloystein ( Reuters Singapore)  @hgloystein

SINGAPORE (Reuters) – Oil prices inched up on Thursday on a decrease in U.S. crude inventories, but rising gasoline stocks and crude production weighed on the market

U.S. West Texas Intermediate (WTI) crude futures were at $56.09 a barrel at 0101 GMT, up 13 cents, or 0.23 percent from their last settlement.

 Brent crude futures LCOc1, the international benchmark for oil prices, were at $61.32 a barrel, up 10 cents, or 0.16 percent.
 Traders said the higher prices came as U.S. crude oil inventories fell by 5.6 million barrels in the week to Dec. 1, to 448.1 million barrels C-STK-T-EIA, putting stocks below seasonal levels in 2015 and 2016.

The slightly higher prices came after a much bigger sell-off in late U.S. trading.

“WTI prices cratered (on Wednesday) despite a drop in weekly crude inventories. Indeed, traders were more concerned about the steep rise in gasoline inventories,” said Stephen Innes, head of trading for Asia/Pacific at futures brokerage OANDA in Singapore.

Gasoline stocks USOILG=ECI rose 6.8 million barrels, to 220.

Reuters

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