MTECHTIPS;-Oil prices rise for fifth day after U.S. stocks decline

MTECHTIPS;-Oil prices rise for fifth day after U.S. stocks decline MTECHTIPS-Oil prices rose for a fifth day on Wednesday, buoyed by a bigger than expected drop in U.S. inventories and as investors awaited a widely expected cut in interest rates by the Federal Reserve, the first in more than 10 years. Brent crude (LCOc1) was up 33 cents, or 0.5%, at $65.05 a barrel by 0044 GMT. U.S. West Texas Intermediate crude (CLc1) gained 28 cents, or 0.5%, to $58.33 a barrel. For the month, however, both contracts were set to ease due to ongoing worries about oil demand, with Brent heading for a decline of about 2.3% and WTI down slightly. Still U.S. inventories have been falling in recent weeks suggesting demand concerns are overstated. Stocks fell again last week, along with gasoline and distillate inventories, data from industry group the American Petroleum Institute (API) showed on Tuesday. "There is a definitive seasonal trend emerging as inventory draws continue to beat analysts' expectations by a mile suggesting analysts have grossly underestimated consumption and the breadth of seasonal demand this year," VM Markets Pte said in a note. Crude inventories fell by 6 million barrels in the week ended July 26 to 443 million barrels, compared with analysts' expectations in a Reuters poll for a decrease of 2.6 million barrels, the API dta showed. Gasoline stocks fell by 3.1 million barrels, compared with analysts' expectations for a 1.4 million-barrel decline MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips WWW.MTECHTIPS.COM 07489294118-119
Published on Jul 31 2019 2:44PM, by MTECHTIPS in Commodity tips| Share This




Leave a Reply

Name:

Email:

Comment: