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Oil prices fall on U.S. inventory data

Xinhua, June 23, 2016 Adjust font size:

Oil prices ended lower on Wednesday as government data showed U.S. crude inventories decreased fewer than expected last week.

The Energy Information Administration said in its weekly report on Wednesday that U.S. crude oil inventories fell 0.9 million barrels to 530.6 million in the week ending June 17, the fifth weekly draw in a row. But the latest number was still smaller than market consensus of a 1.7 million-barrel decline.

Meanwhile, investors were watching closely the upcoming Britain's referendum due to start on Thursday. In the previous sessions, oil prices rose as investors' appetite for riskier assets like oil increased after concerns about Britain's possible exit from the European Union diminished.

The West Texas Intermediate for August delivery lost 72 cents to settle at 49.13 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery decreased 74 cents to close at 49.88 dollars a barrel on the London ICE Futures Exchange. Endit