NEW YORK, Aug 12 (Reuters) - Oil ended up on Wednesday as a weaker dollar and lower U.S. crude stockpiles provided a modest bounce off six-year lows hit the previous session, when worries about China's plummeting currency and economic slowdown deflated prices.
Concerns that U.S. inventories could build again from higher crude imports and refinery outages kept a lid on the rebound.
"The market needed a big drawdown to reverse the current trends and didn't get it," said Chris Jarvis, analyst at Caprock Risk Management in Frederick, Maryland.
Crude stockpiles in the United States fell by 1.7 million barrels last week, just short of market expectations for a draw of 1.8 million barrels, government data showed.
Gasoline inventories also fell, by 1.3 million barrels versus the 647,000 barrels forecast.
But U.S. crude imports rose by 393,000 barrels per day to 7.0 million bpd. Distillates, which included diesel and heating oil, jumped by 3.0 million barrels, above the 1.3 million-barrels expected.
U.S. crude futures settled up 22 cents, or 0.5 percent, at $43.30 a barrel, after gaining almost 80 cents at the session high. The market lost $1.88, or more than 4 percent, on Tuesday, settling at $43.08 a barrel, its lowest since March 2009.
View Full Article
Copyright 2017 Thomson Reuters. Click for Restrictions.
WHAT DO YOU THINK?
Click on the button below to add 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.
Most Popular Articles