Just in:
Samsung Partners National Heritage Board to Bring a Slice of Singapore’s Cultural Heritage to Samsung The Frame TV // Arvind Kejriwal Was Used By BJP In 2011 Movement To Take On The Congress // Ingdan Announces 2023 Annual Results // Court Sides with Coinbase on Wallet Service, But Staking Program Remains in Limbo // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” // U.S. Compliance Takes Center Stage at OKX Following Industry Jitters // Sunshine’s Debut Features Leave Tech World Scratching Its Head // No running of govt from jail, says Delhi Lt Governor // Arvind Kejriwal Gets International Heft Against The Deshi Vishwaguru // Emirates Post Speeds Up Deliveries for GCC with Special Day // In Lok Sabha Polls In Punjab, AAP Is Advantageously Placed As Against Its Three Rivals // Lisboeta Macau’s world first LINE FRIENDS PRESENTS CASA DE AMIGO and BROWN & FRIENDS CAFE & BISTRO has officially opened // Emirati Aid Reaches Ukraine as Food Shortages Bite // Universal Language for Healthcare: General Authority Embraces Global Coding System // Hope for Respite as UAE Endorses UN Plea for Gaza Truce // Hullabaloo About Electoral Bonds May End Up As A Whimper Pre And Post Poll // Andertoons by Mark Anderson for Thu, 28 Mar 2024 // Infineon and HD Korea Shipbuilding & Offshore Engineering jointly develop ship electrification technology // German Job Market Resilience Bodes Well for Economic Recovery // US reiterates concern over Kejriwal arrest, Cong accounts //
HomeChannelsBusinessOil prices fall on surprise build in U.S. crude stocks

Oil prices fall on surprise build in U.S. crude stocks

1482977094

ADVERTISEMENT

Singapore Oil prices fell in early trade in Asia on Thursday following a surprise build in U.S. crude stocks shown in data published by the American Petroleum Institute (API) late on Wednesday.

U.S. benchmark West Texas intermediate (WTI) CLc1 crude futures were down 31 cents or 0.57 percent to $53.75 at 0104 GMT after settling up 16 cents at $54.06 per barrel in the previous session.

Brent crude oil futures LCOc1 also fell 13 cents or 0.23 percent to $56.09 a barrel after settling 13 cents higher at $56.22 in the previous session. Trade remains thin as most investors are away for year-end holidays, traders said.

The 4.2 million barrel build in U.S. crude oil stocks shown in the API data came as a surprise. Analysts polled ahead of the weekly inventory reports had forecast, on average, that crude stocks would decline 2.1 million barrels in the week to Dec. 23.

Instead, crude stocks rose last week as refiners cut output, amid a drawdown in gasoline and distillate inventories. Refinery crude runs fell by 604,000 barrels per day, API data showed.

In a potential sign that an output production cut is likely to be adhered to, the committee of OPEC and non-OPEC producers responsible for monitoring compliance with the production cut agreement will meet in Vienna on Jan. 21-22, Kuwaiti oil minister Essam Al-Marzouq told state news agency KUNA.

(Reporting by Mark Tay; Editing by Eric Meijer and Kenneth Maxwell)

Reuters

ADVERTISEMENT

ADVERTISEMENT
Just in:
Andertoons by Mark Anderson for Thu, 28 Mar 2024 // Experience Ultimate Shopping Freedom at 4.4 Shopee Spree: Don’t Worry, Shop Shopee! // Ajman Celebrates Conclusion of Ramadan Activities with Grand Ceremony // Emirates Post Speeds Up Deliveries for GCC with Special Day // Superland Announced Annual Results for 2023, 2023 Net Profit Increased approximately 39.5% to approximately HK$22.2 million as Compared to the 2022 Adjusted One // Meta Earth Official Website Launch: The Pioneer Explorer in the Modular Public Blockchain Domain // In Lok Sabha Polls In Punjab, AAP Is Advantageously Placed As Against Its Three Rivals // AI Boost for Galaxy Devices: Samsung Expands One UI 6.1 Update // No running of govt from jail, says Delhi Lt Governor // US reiterates concern over Kejriwal arrest, Cong accounts // Renewables Surge Sets Record, But Global Equity Lags // Emirati Aid Reaches Ukraine as Food Shortages Bite // Konica Minolta is named ASEAN 2023 Market Leader in Colour Light and Mid Digital Production Printers // Arvind Kejriwal Gets International Heft Against The Deshi Vishwaguru // Ingdan Announces 2023 Annual Results // Universal Language for Healthcare: General Authority Embraces Global Coding System // Sharpening the Focus: Sharjah Health Department Refines Evaluation Criteria for “Healthy Schools Programme” // Samsung Partners National Heritage Board to Bring a Slice of Singapore’s Cultural Heritage to Samsung The Frame TV // AIA Hong Kong Wins More Than 20 Accolades at MPF Ratings MPF Awards, BENCHMARK MPF of The Year Awards and Bloomberg Businessweek Top Fund Awards // U.S. Compliance Takes Center Stage at OKX Following Industry Jitters //