Crude Oil Little-Changed After Oil Inventory Draw, Cushing Build


NEW YORK, Aug 27 (Reuters) - Crude oil futures settled flat after choppy trading on Wednesday, following a report that showed declining U.S. gasoline demand in the world's top oil consumer and a build at the key Cushing, Oklahoma, storage hub.

In its weekly report, the U.S. Energy Information Administration said U.S. crude oil stocks fell by a greater-than-expected 2.07 million barrels last week, but inventories at Cushing, the delivery point for U.S. crude futures, rose 508,000 barrels. The four-week average for gasoline demand fell by 1.4 percent year-over-year.

U.S. crude failed to break through Tuesday's lows or highs, testing resistance at both ends in what traders call an "inside day."

"The market is rangebound here and there's no catalyst to drive it out either way, so we're finishing the session more or less unchanged," said Bill Baruch, senior market strategist at in Chicago.

U.S. crude rose 2 cents to settle at $93.88 a barrel after settling 51 cents higher on Tuesday on stronger U.S. economic data.

Brent crude for October delivery rose by 22 cents to settle at $102.72 a barrel, after swinging by $1 between $102.05 and $103.07.

Oil benchmarks on both sides of the Atlantic have fallen by more than 10 percent since mid-June and remain on track to post a second monthly fall against a backdrop of lower U.S. imports and slowing growth in China and Europe.


View Full Article

Copyright 2017 Thomson Reuters. Click for Restrictions.


Click on the button below to add a comment.
Post a Comment
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.


Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Sales Manager - Safety Relief Valves
Expertise: Business Development|Sales
Location: Houston, TX
Staff Auditor 2
Expertise: Business Analyst|Risk Management
Location: TX
Transmission Project Manager I- Amarillo, TX Job
Expertise: Project Management|Risk Management
Location: Amarillo, TX
search for more jobs

Brent Crude Oil : $50.75/BBL 0.09%
Light Crude Oil : $47.73/BBL 0.50%
Natural Gas : $3.05/MMBtu 0.97%
Updated in last 24 hours