Your current location is:{Current column} >>Text
Oil slips on higher US crude stocks, easing Middle East tensions By Reuters
{Current column}2587People have watched
IntroductionBy Laila Kearney and Jeslyn LerhSINGAPORE (Reuters) -Oil prices slipped on Wednesday on estimates sh ...
By Laila Kearney and What are the current regular foreign exchange platforms in ChinaJeslyn Lerh
SINGAPORE (Reuters) -Oil prices slipped on Wednesday on estimates showing swelling inventories and expectations that tensions in the Middle East were easing following a tour of the region by mediators.
futures fell 9 cents, or 0.1%, to $77.11 a barrel by 0340 GMT. U.S. West Texas Intermediate crude dipped 12 cents, or 0.2%, to $73.05 per barrel.
U.S. crude oil stocks were seen rising last week by 347,000 barrels, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline and distillate stocks, however, fell by 1.043 million barrels and 2.247 million barrels respectively, according to the sources.
The United States is the world's biggest producer and consumer of oil, and growing inventories point to oversupply that could hinder prices.
Official U.S. government inventory estimates are set to be released on Wednesday at 10:30 a.m. local time.
Meanwhile, U.S. Secretary of State Antony Blinken wrapped up a trip to the Middle East intended to help broker a ceasefire agreement in Gaza.
Blinken and mediators from Egypt and Qatar have raised hopes for a U.S. "bridging proposal," which could shrink the gaps between the two sides in the 10-month-old war.
"Hopes of a cease-fire between Israel and Hamas have weighed on oil, along with lingering demand concerns," ING commodities strategists said.
"While weaker Chinese demand has been well reported, refinery margins around the globe have been under pressure for much of August, suggesting that these demand concerns are not isolated to just China," they said.
The economic struggles in top crude importer China have continued to hobble the market, as weak processing margins and low fuel demand curbed operations at state-run and independent refineries.
Imports of crude oil from top supplier Russia fell in July by 7.4% from a year ago, while fuel oil imports retreated for a third straight month, customs data showed this week.
Statement: The content of this article does not represent the views of FTI website. The content is for reference only and does not constitute investment suggestions. Investment is risky, so you should be careful in your choice! If it involves content, copyright and other issues, please contact us and we will make adjustments at the first time!
Tags:
Related articles
Debt ceiling deal, Fed rate path, Erdogan's victory
{Current column}-- Investors look ahead to a crucial vote in Congress on this weekend's deal to lift the U.S. debt c ...
Read moreOil prices rise on benign US inflation, big inventory draw By
{Current column}-- Oil prices rose Wednesday, buoyed by benign US inflation data as well as industry data showing a ...
Read moreStocks slump in August kick
{Current column}By Chuck MikolajczakNEW YORK (Reuters) -U.S. stocks kicked off August sharply lower after a round of ...
Read more
Popular Articles
- US House to vote on Republican debt limit bill this week By Reuters
- Jailed Pakistan ex
- Stocks slump in August kick
- Probability of 50 bps rate cut more than doubled after payroll data By
- How TikTok sensation Squishmallows found Warren Buffett By Reuters
- US expected to propose barring Chinese software in autonomous vehicles By Reuters
Latest articles
-
Oil up 2% again on bull hype over talk of SPR refill, U.S. rate pause By
-
Goldman Sachs' momentum models point to more downside in stocks By
-
RBA preview: rate hike unlikely, but hawkish hold on tap amid sticky inflation By
-
Buy stocks as the Fed 'has plenty of bullets at its disposal': Alpine Macro By
-
First Republic set for 'imminent' government rescue: Reuters By
-
Forex.com Deposit Guide