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.


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