Investing.com - Oil prices dipped sharply in Asia on Wednesday with investors focused on a massive glut in U.S. stocks.
The American Petroleum Institute said stockpiles rose 4.4 million barrels in the week ended Dec. 5, gasoline stocks rose 6.7 million barrels, distillate stocks rose 4.3 million barrels and refinery operations increased 1.6 percentage points to 94.6% of capacity.
On the New York Mercantile Exchange, crude oil for delivery in January dropped 1.42% to $62.92 a barrel.
Brent crude for January delivery, the global benchmark, snapped a five-session losing streak to end up 65 cents, or 1%, at $66.84 a barrel on the ICE Futures Europe exchange Tuesday.
Later Wednesday the U.S. Department of Energy reports its own stocks estimates with crude seen down 2.24 million barrels, distilate stocks up 920,000 barrels and gasoline inventories up 2.58 million barrels.
Overnight, oil futures extended sharp losses from the previous session on Tuesday to trade at the lowest level since 2009 as investors added to their short positions in anticipation of lower prices amid lingering concerns over ample global supplies.
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NYMEX crude sharply weaker in Asia as API data bearish
Published 12/09/2014, 08:30 PM
Updated 12/09/2014, 08:31 PM
NYMEX crude sharply weaker in Asia as API data bearish
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