Brent Edges Up, US Crude Off Low As Fed Weakens Dollar
Concerns about Greece's debt problems and the potential effect on Europe's demand for petroleum also provided pressure.
U.S. July RBOB gasoline fell 2.40 cents to settle at $2.1005 a gallon. It fell as low as $2.0726 after soaring to $2.1858, the strongest front-month price since November.
Gasoline inventories rose unexpectedly and crude oil stocks at the Cushing, Oklahoma, hub rose for the first time since April, while refinery utilization fell, the Energy Information Administration (EIA) said on Wednesday.
Crude inventories fell by 2.7 million barrels, the EIA said.
While the EIA's slip was more than the expected draw of 1.7 million barrels, the drop was less than the 2.9-million-barrel slide reported on Tuesday by industry group American Petroleum Institute (API).
"The drawdown in crude oil inventories was expected, so its effect is muted, and the rise in Cushing, Oklahoma, inventories diminishes the headline number quite a bit," said John Kilduff, partner at Again Capital LLC in New York.
The EIA showed gasoline stocks rose by 460,000 barrels, compared with expectations in a Reuters poll for a 314,000 barrel drop and in sharp contrast to the fall of 2.9 million barrels reported by the API.
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
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- PetroChina Posts Higher Annual Profit on Higher Production
- UK Oil Regulator Publishes New Emissions Reduction Plan
- McDermott Settles Reficar Dispute
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- Equinor Makes Discovery in North Sea
- Standard Chartered Reiterates $94 Brent Call
- India Halts Russia Oil Supplies From Sanctioned Tanker Giant
- Centcom, Dryad Outline Recent Moves Around Red Sea Region
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- PetroChina Set to Receive Venezuelan Oil
- Czech Conglomerate to Buy Major Stake in Gasnet for $917MM
- US DOE Offers $44MM in Funding to Boost Clean Power Distribution
- Oil Settles Lower as Stronger Dollar Offsets Tighter Market
- UK Grid Operator Receives Aid to Advance Rural Decarbonization
- 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
- 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
- Standard Chartered Reiterates $94 Brent Call