Investing.com - Crude oil prices fell in early Asia on Wednesday as industry data showed a solid build in U.S. crude oil stocks.
The American Petroleum Institute showed a 5.1-million-barrel gain in oil supplies in the past week in data released late Tuesday, a 2.5-million-barrel build in gasoline stocks and a 1.1-million-barrel decline in distillate inventories.
Elsewhere, on the New York Mercantile Exchange, crude oil for delivery in November traded at $88.51 a barrel, down 0.18%.
Brent oil slipped 0.7% to $92.11 a barrel on ICE Futures Europe on Tuesday, the lowest level since June 28, 2012.
Overnight, crude oil futures extended losses after the International Monetary Fund cut its forecast for global economic growth this year.
The IMF downgraded its global growth forecast for both this year and next, due to stagnation in Europe and a weaker-than-forecast recovery in Japan.
The agency now sees 2014 global growth of 3.3% and 2015 growth of 3.8%, a decline of 0.1% for 2014 and 0.2% for 2015 from forecasts made in July.
Market players awaited the release of fresh weekly information on U.S. stockpiles of crude and refined products to gauge the strength of demand in the world’s largest oil consumer.
The government report on U.S. crude stocks due Wednesday due Wednesday could show crude stockpiles rose by 1.4 million barrels in the week ended Oct. 3.
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NYMEX crude oil down in early Asia as API data shows steady build
Published 10/07/2014, 06:13 PM
Updated 10/07/2014, 06:15 PM
NYMEX crude oil down in early Asia as API data shows steady build
Latest comments
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