Breaking News

NYMEX crude oil prices dip in Asia after API data shows mild stocks drop

CommoditiesJul 22, 2014 07:24PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
NYMEX crude prices down in Asia

Investing.com - Crude oil prices dipped in Asia on Wednesday after industry data showed only a mild drop in U.S. stockpiles ahead of government data.

The American Petroleum Institute, an industry group, said late Tuesday that its data showed a 555,000-barrel decline in crude stocks in the pasyt week. The group also said that gasoline supplies rose by 3.6 million barrels, while distillate stocks grew by 2.5 million barrels, according to the sources.

On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in September traded at $101.86 a barrel, down 0.52%, after hitting an overnight session low of $102.14 a barrel and a high of $103.38 a barrel.

Brent oil on the ICE futures exchange fell 0.3% to $107.33 a barrel.

Analysts expect crude oil inventories in the U.S. to fall by 2.786 million barrels in Department of Energy data due Wednesday.

Overnight, markets also tracked events unfolding in Ukraine and in Gaza, with investors looking for fresh signs to indicate whether geopolitical tensions in will threaten Russian and Middle East oil exports, and the uncertainty allowed for choppy trading at times on Tuesday.

IThe Labor Department reported earlier that the U.S. consumer price index rose 2.1% in June, unchanged from the previous month and in line with forecasts, which drew applause in energy markets by fueling hopes that a more upbeat U.S. economy will demand more fuel and energy going forward.

On a month-over-month basis, U.S. consumer prices were up 0.3% after a 0.4% increase in May, also in line with expectations.

June's core inflation rate, which excludes food and energy costs, rose by 0.1% from May and 1.9% on year, slightly below market calls for 0.2% and 2.0% readings, which revealed that gasoline prices drove the headline rate.

Elsewhere, the National Association of Realtors reported earlier that existing U.S. home sales rose 2.6% to 5.04 million units in June from 4.91 million in May, beating market forecasts for a 2.0% rise to 4.97 million units.

NYMEX crude oil prices dip in Asia after API data shows mild stocks drop

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Post also to:
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Are you sure you want to delete this chart?
Replace the attached chart with a new chart ?
Post 1000
Please wait a minute before you try to comment again.
Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Add Chart to Comment
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
Sign up with Email