Oil Extends Drop to Near $55 on Signs U.S. Crude Stockpiles Rose

Futures lost as much as 1.3 percent in New York after falling 1.9 percent on Tuesday. U.S. inventories rose by 6.51 million barrels last week, the American Petroleum Institute was said to report. That would be the biggest gain since March if confirmed in government data on Wednesday.

“The API data showed an inventory build, in contrast to expectations of a draw, which is weighing on the market,” said Giovanni Staunovo, a commodity analyst at UBS Group AG. “The Russian news doesn’t help either.”

West Texas Intermediate for December delivery slid as much as 73 cents to $54.97 a barrel on the New York Mercantile Exchange, and traded at $55.07 as of 11:51 a.m. London time. Total volume traded was about 17 percent below the 100-day average. Prices dropped $1.06 on Tuesday. December WTI options contracts expire Wednesday.

Brent for January settlement fell as much as 90 cents, or 1.5 percent, to $61.31 a barrel on the London-based ICE Futures Europe exchange, after dropping 1.5 percent on Tuesday. The global benchmark was at a premium of $6.28 to January WTI.

Gasoline inventories rose by 2.4 million barrels last week, the API said Tuesday, according to people familiar with the data. While the institute also reported a gain in crude stockpiles, a Bloomberg survey showed they may have shrunk by 2.4 million barrels. The U.S. Energy Information Administration will release the data at 10:30 a.m. New York time on Wednesday.
more at: https://www.bloomberg.com/news/articles/2017-11-15/oil-extends-drop-to-near-55-on-signs-u-s-crude-stockpiles-rose

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