“The most recent EIA stock update gave something for both bulls and bears to cheer about,” said Stephen Brennock, an analyst at PVM Oil Associates Ltd. in London. “As has become the norm, the fly in the ointment for bulls is the march higher in U.S. crude production.” U.S. gasoline inventories dropped by 1.22 million barrels to 229.9 million last week, the EIA reported Wednesday. Crude output increased by 26,000 barrels a day to 9.53 million, expanding for a second week. Click Read More below for additional detail.
Oil fell, compounding a monthly decline, after U.S. crude inventories were said to rise by more than expected.
Futures in New York fell 0.6 percent, set for the first monthly drop since February. On Wednesday, the American Petroleum Institute was said to report a 1 million barrel increase in crude stockpiles, double the gain forecast in a Bloomberg survey of analysts. Prices have declined about 4 percent since Saudi Arabia and Russia last week proposed to phase out supply curbs by OPEC and its allies.
Oil had surged earlier this month — with benchmark Brent climbing above $80 a barrel — driven by Donald Trump’s decision to renew American sanctions on OPEC member Iran and as Venezuelan output plunged amid an economic crisis. More recently, prices have been weighed down by concerns over the Saudi-Russia plan to revive output, as well as fears over U.S.-China trade frictions and European political turmoil.
more at: https://www.msn.com/en-us/finance/markets/oil-slips-as-us-crude-inventories-show-signs-of-increasing/ar-AAy2P5m