Oil Ends Down As Much As 2% On Oversupply, Gasoline Pressure
NEW YORK, Nov 5 (Reuters) - Oil settled down as much as 2 percent on Thurday as an oversupply of crude and weak gasoline prices extended the previous session's rout.
Crude prices fell nearly 4 percent on Wednesday after the U.S. government reported a 2.85 million-barrel crude inventory spike as higher domestic production made up for lower imports last week.
In Thursday's session, U.S. crude's West Texas Intermediate (WTI) futures settled down $1.12, or 2.4 percent, at $45.20 a barrel.
Brent futures closed down 60 cents, or 1.2 percent, at $48.68. Brent briefly rose during the session, supported by steady share prices on Wall Street.
On the oil products side, gasoline futures lost 2 percent, extending Wednesday's 4 percent tumble, amid worries of peak turnout from U.S. refineries as the autumn maintenance cycle draws to a close.
Market intelligence firm Genscape added to the bearish sentiment in crude oil, estimating a build of over 383,000 barrels at the Cushing, Oklahoma delivery point for U.S. crude futures in the week to Nov. 3, traders who saw the data said.
According to Genscape, Cushing took in nearly 713,000 barrels in the four days to Nov. 3, showing a supply onslaught late in that week which most likely offset an earlier draw, the traders said.
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.