Oil Drops Back On Hopes For An Easing Of Ukraine Tension
NEW YORK, June 4 (Reuters) - Brent and U.S. crude ended lower on Wednesday as hopes that a peace plan from Ukraine's president-elect might help ease the crisis with Russian separatists cooled oil's earlier rally.
Rising U.S. distillate stockpiles and weak distillate profit margins in Northwest Europe also helped trigger the reversal by crude futures.
Brent crude for July delivery fell 42 cents to settle at $108.40 a barrel. Brent settled back above the 100-day moving average of $100.32, but fell as low as $108.25 in post-settlement trading.
U.S. July crude dipped 2 cents to settle at $102.64, after rising as high as $103.69 immediately after the release of U.S. oil inventory data that showed crude oil stocks fell last week.
"There was short-covering ahead of the data, but some selling afterward, and the Ukraine news also helped trigger some selling," said Bill Baruch, senior market strategist at iitrader.com LLC in Chicago.
The U.S. Energy Information Administration (EIA) said U.S. crude stocks fell by 3.4 million barrels last week as imports dropped, a bigger slide than the expected 300,000-barrel draw and also bigger than the inventory drop that was reported by an industry group on Tuesday.
Crude stocks at the Cushing, Oklahoma, delivery point of the U.S. crude oil contract, also fell, declining 321,000 barrels.
123
View Full Article
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- UK Oil Regulator Publishes New Emissions Reduction Plan
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension
- Equinor Makes Discovery in North Sea