Crude Oil Futures Waver



Crude Oil Futures Waver
Oil was little changed as investors digested a report that showed U.S. crude and gasoline supplies shrinking less than forecast.

(Bloomberg) -- Oil was little changed as investors digested a report that showed U.S. crude and gasoline supplies shrinking less than forecast.

Futures in New York gave up earlier gains on Wednesday after the Energy Information Administration said domestic oil inventories shrank by 1.4 million barrels last week while gasoline stores declined 1.17 million barrels. Both were below American Petroleum Institute estimates that had buoyed the market on Tuesday.

West Texas Intermediate prices were up 1 cent to $64.06 at 11:38 a.m. on the New York Mercantile Exchange. The U.S. benchmark had been holding onto a small increase earlier in the session thanks to the API report as well as data pointing to a first-quarter economic rebound in China.

--With assistance from James Thornhill, Tsuyoshi Inajima and Grant Smith.

To contact the reporter on this story: Alex Nussbaum in New York at anussbaum1@bloomberg.net

To contact the editors responsible for this story: James Herron at jherron9@bloomberg.net, Mike Jeffers, Steven Frank

©2019 Bloomberg L.P.

 

 

 



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.