Breaking News
0

U.S. Crude Oil Inventories Rose by 3.58M Barrels Last Week: EIA

CommoditiesNov 28, 2018 10:36AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters.

Investing.com - U.S. crude oil inventories rose more than expected last week, adding to selling pressure on Wednesday.

The EIA data showed that crude oil inventories increased by 3.58 million barrels in the week to Nov. 23.

That was compared to forecasts for a stockpile build of 0.77 million barrels, after a build of 4.85 million barrels in the previous week.

The EIA report also showed that gasoline inventories unexpectedly fell by 0.76 million barrels, compared to expectations for a build of 0.64 million barrels, while distillate stockpiles registered a surprise gain of 2.61 million barrels, compared to forecasts for a decrease of 0.86 million.

U.S. crude prices were trading down 1.53% to $50.77 a barrel by 10:34 AM ET (15:34 GMT), compared to $51.09 prior to the publication.

London-traded Brent crude futures were off 1.18% to $59.69 a barrel, compared to $59.91 ahead of the release.

Oil prices have been under pressure since hitting a four-year high on Oct. 3 with U.S. crude down more than 30% as traders fret over increasing production and the global economic impact of a potential trade war between the U.S. and China dampening appetite.

With U.S. and Saudi production near record highs, concerns have heightened over a global supply glut driving prices lower.

OPEC will meet on Dec. 6 to discuss output policy, with Saudi Arabia reportedly leading a proposal to cut production by at least 1 million barrels per day.

But Saudi Arabia said Wednesday that it would not take on the task of the reduction by itself, according to a Reuters report, dampening hopes for a significant move to put the brakes on recent declines.

U.S. Crude Oil Inventories Rose by 3.58M Barrels Last Week: EIA
 

Related Articles

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.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
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?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
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
or
Sign up with Email