Investing.com - Crude oil futures fell in Asian trading on Thursday on news that stockpiles were on the rise in the U.S. and debt ratings were on the decline in Spain.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at USD91.14 a barrel on Wednesday, down 0.13%, off from a session high of USD91.28 and up from an earlier session low of USD9111.
The American Petroleum Institute, a trade association for U.S. oil and gas companies, reported earlier oil inventories rose by 1.65 million barrels last week, up from a gain of 460,000 in the week before.
Analysts were expecting crude stockpile to rise by 1.03 million barrels.
Rising stockpiles and a cooling global economy sent crude prices falling in early Asian trading.
Standard & Poor's, meanwhile, lowered Spain's long-term credit rating to 'BBB-' from 'BBB+' and cut its short-term credit rating to 'A-3' from 'A-2'.
The ratings agency said Spain's deepening economic recession is limiting the Spanish government's policy options and added that rising unemployment and spending constraints are likely to fuel social discontent and contribute to friction between Spain's central and regional governments.
Concerns that the European debt crisis continues to cool the global economy sent oil falling as well.
Ongoing Middle East unrest offset losses, especially over Turkey's insistence it will not allow Syrian unrest to spill over its border.
On the ICE Futures Exchange, Brent oil futures for November delivery were up 0.02% and trading at USD114.51 a barrel, up USD23.37 from its U.S. counterpart.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at USD91.14 a barrel on Wednesday, down 0.13%, off from a session high of USD91.28 and up from an earlier session low of USD9111.
The American Petroleum Institute, a trade association for U.S. oil and gas companies, reported earlier oil inventories rose by 1.65 million barrels last week, up from a gain of 460,000 in the week before.
Analysts were expecting crude stockpile to rise by 1.03 million barrels.
Rising stockpiles and a cooling global economy sent crude prices falling in early Asian trading.
Standard & Poor's, meanwhile, lowered Spain's long-term credit rating to 'BBB-' from 'BBB+' and cut its short-term credit rating to 'A-3' from 'A-2'.
The ratings agency said Spain's deepening economic recession is limiting the Spanish government's policy options and added that rising unemployment and spending constraints are likely to fuel social discontent and contribute to friction between Spain's central and regional governments.
Concerns that the European debt crisis continues to cool the global economy sent oil falling as well.
Ongoing Middle East unrest offset losses, especially over Turkey's insistence it will not allow Syrian unrest to spill over its border.
On the ICE Futures Exchange, Brent oil futures for November delivery were up 0.02% and trading at USD114.51 a barrel, up USD23.37 from its U.S. counterpart.