Oil sheds more than 3% ahead of EIA weekly report

2019-08-14 13:45:28 GMT (Economies.com)
Oil sheds more than 3% ahead of EIA weekly report

Oil fell in the US market today, shedding more than 3%, the first loss in the last 5 days, on profit-taking from a 2-week high, in addition to an unexpected rise in US oil inventories according to preliminary data by the API, ahead of the release of the EIA weekly report today.

 

WTI fell to $54.92 a barrel from the opening of $56.66, with a high of $56.81 and a low of $ 56.81.

 

WTI closed yesterday higher by 3.6%, its fourth daily gain in a row, hitting a two-week high at $57.43 a barrel.

 

Oil fell after weak Chinese data today, which have renewed the slowdown fears over the Chinese economy.

 

Yesterday, American Petroleum Institute (API) released preliminary data today which showed that US oil inventories rose by about 3.7 million barrels in the week ending in August 3rd, beating forecasts of a decline by 2.8 million barrels.

 

Which is the first weekly increase in the last nine weeks, and indicates the slowing demand in the US.

 

investors are anticipating the official data of the EIA weekly report on US inventories and production levels later today, with forecasts for the inventories to fall by 2.5 million barrels.

 

While production rose by about 100,000 bpd last week, its second weekly increase to a total of 12.3 million barrels per day, near the all-time high of 12.4 million.

 
 
 
  Symbol Last Change Chg.%
1.1134
0.0072
0.6495%
1.3199
0.0062
0.4708%
Tadawul
8133.72
67.30
0.83%
16.860
0.288
1.738%
58.796
-0.314
0.531%
63.72
-0.62
0.96%
1474.830
14.985
1.026%
 
 
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