Investing.com - Crude
fell in Asia Thursday on profit taking after strong overnight
On the New York Mercantile Exchange, West Texas Intermediate
crude oil for delivery in June traded at $102.03 a barrel, down
0.34%, after hitting an overnight session low of $101.82 a barrel
and a high of $102.64 a barrel.
Brent oil on ICE Futures Europe settled up 88 cents, or 0.8%, to
$110.41 a barrel.
The U.S. Energy Information Administration said in its weekly
report that U.S. crude oil inventories increased by 947,000 barrels
in the week ending May 9, defying expectations for a decline of
Total U.S. crude oil inventories stood at 398.5 million barrels
as of last week.
Still, markets applauded the report due to data revealing a
592,000-barrel draw at the key storage hub in Cushing, Oklahoma, a
sign bottlenecks may be loosening.
The report also showed that total motor gasoline inventories
decreased by 772,000 barrels, compared to forecasts for a gain of
143,000 barrels, while distillate stockpiles decreased by 1.1
million barrels, compared to expectations for a gain of 0.6 million
Upbeat wholesale pricing data supported the growth-sensitive
commodity as well.
The Commerce Department reported earlier that producer prices
increased by 0.6% last month, beating forecasts for a 0.2% gain,
after rising 0.5% in March.
Year-over-year, the producer price index rose 2.1% in April,
beating expectations for a 1.7% increase and up from 1.4% in the
The core producer price index, which is stripped of volatile
food and energy items, advanced 0.5% last month, compared to
expectations for a 0.2% increase, after rising 0.6% in March.
Core produces prices rose at an annualized rate of 1.9% in
April, beating forecasts for a 1.4% gain and after climbing 1.4% in
the preceding month.
Markets continued to monitor events in Ukraine, as conflict
between pro-Russian separatists and Ukrainian forces continued to
escalate, stoking fears that the crisis will develop and drag the
U.S. deeper into the standoff and possibly crimp Russian
Russia produced 10.4 million barrels of oil per day in 2012 and
exported 7.4 million, making it the world's second largest oil
exporter after Saudi Arabia.
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