Investing.com - Crude oil futures fell on Wednesday after
official data revealed that U.S. inventories rose last week and
caught many investors who were predicting a decline off guard.
On the New York Mercantile Exchange, light sweet crude futures for
delivery in November traded at USD102.55 a barrel during U.S.
trading, down 0.56%.
The November contract settled down 0.44% at USD103.13 a barrel on
The commodity hit a session low of USD102.51 and a high of
The Energy Information Administration said that crude oil
stockpiles rose by 2.64 million barrels in the week ending Sept.
20, defying expectations for a 1.13 million decline after a 4.37
million barrel drop in the previous week.
Gasoline inventories rose by 217,000 barrels last week, exceeding
expectations for a 143,000 rise.
The data sent oil prices falling on concerns the U.S. is awash in
On Tuesday, the American Petroleum Institute, an industry group,
said that U.S. crude inventories fell by 540,000 million last week
compared to expectations for a decline of 1.5 million barrels,
which curbed losses.
The API also said gasoline stockpiles increased by 341,000 barrels
Separately, reports that Libyan oil production is on the rise after
protesters reopened access to facilities also added to the selling
pressure, as did talk that oil output in Nigeria is recovering.
Thawing tensions between the U.S. and Iran dampened prices as well
by allaying fears that a U.S.-led attack on Iranian ally Syria will
embroil the Middle East and threaten global supply.
Countries in the Middle East and Africa were responsible for nearly
35% of global oil production in 2012.
Meanwhile on the ICE Futures Exchange, Brent oil futures for
November delivery were down 0.14% at USD108.49 a barrel, up USD5.94
from its U.S. counterpart.
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