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U.S. oil inventories increase as prices slip on profit-taking

Xinhua,March 28, 2018 Adjust font size:

HOUSTON, March 27 (Xinhua) -- The American Petroleum Institute (API) reported Tuesday a build of 5.321 million barrels of U.S. crude oil inventories for the week ending March 23.

API had forecast the oil inventories to increase by 1 million barrels for the week. The difference between the two numbers indicates weak demand and bearish for crude prices.

Oil prices, which had enjoyed a boost to a two-month high last week due to geopolitical concern, were already refocusing on crude inventory data by Tuesday, losing some gains as commodities sector weaknesses trumped potential supply disruptions.

Late Tuesday afternoon, the West Texas Intermediate (WTI) and Brent, two major oil price benchmarks, went down 0.65 percent and 0.63 percent to 64.84 U.S. dollars and 69.02 dollars respectively.

Last week, the API reported a surprise draw of 2.739 million barrels of U.S. crude inventories, defying analyst expectations of a build of 3.2 million barrels and demonstrating greater demand and bullish for crude prices in the week ending March 16. Enditem

 

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