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NYMEX crude falls in early Asia on profit-taking from overnight gains

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Investing.com -

Investing.com - Crude oil prices eased in Asia on early Thursday, with profit taking after a strong performance overnight linked to U.S. supply data.

On the New York Mercantile Exchange, crude oil for May delivery fell 0.59% to $56.05 a barrel.

Overnight, West Texas Intermediate oil futures rose to the highest levels of the session on Wednesday, after data showed that oil supplies in the U.S. rose less than expected last week.

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 1.3 million barrels in the week ended April 10, below expectations for an increase of 4.1 million barrels.

Total U.S. crude oil inventories stood at 483.7 million barrels as of last week, the most in at least 80 years, underling concerns over a supply glut.

The report also showed that total motor gasoline inventories decreased by 2.1 million barrels, compared to expectations for a drop of 0.2 million, while distillate stockpiles rose by 2.0 million barrels.

A day earlier, Nymex oil jumped $1.38, or 2.66%, to close at $53.29 amid speculation an ongoing collapse in rigs drilling for oil in the U.S. will result in lower production.

U.S. oil futures have been well-supported in recent sessions amid mounting expectations that U.S. shale oil production has peaked and may start falling in the coming months.

Elsewhere, on the ICE Futures Exchange in London, Brent oil for June delivery tacked on $1.26, or 2.12%, to trade at $61.07 a barrel on Wednesday.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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