Oil prices fall for fourth day after U.S. crude stocks rise

Oil prices fell for a fourth session on Wednesday after the U.S. government reported an unexpected increase in crude and gasoline stockpiles, but an increase in refining runs and a drawdown in distillates helped prices bounce off session lows.

Prices also remained under pressure from this week’s International Energy Agency (IEA) outlook for slower growth in global crude demand.

While the crude build of 1.9 million barrels reported by the Energy Information Administration was more than forecast, it was not as big as the increase of 6.5 million barrels reported on Tuesday by industry group the American Petroleum Institute. The EIA data encouraged buying at session lows.

“Overall, the report is somewhat supportive because it was not as bearish as the previous API report last night that is why we are slowly digging our way out of the downside seen earlier this morning,” said Phil Flynn, senior energy analyst at Price Futures Group in Chicago.

The data also showed distillate stocks in the U.S. Gulf fell to a one-year low, while overall refining rates rose in the latest week, led by a jump in East Coast refining, which is operating at a record 99.8 percent of capacity. Increased refining rates could eventually reduce crude inventories.
more detail at:  https://www.cnbc.com/2017/11/15/reuters-america-update-8-oil-prices-fall-for-fourth-day-after-u-s-crude-stocks-rise.html

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