Oil prices slip after surprise build in US inventories


Oil prices slip after surprise build in US inventories

Oil prices fell on Thursday, giving up some of the strong gains of the previous session, after an industry report showed US crude stockpiles rose last week, against analyst expectations of a decline. Brent crude was down 18 cents, or 0.3 percent, at $60.52 a barrel by 0040 GMT. On Wednesday, Brent rose 4.2 percent.

West Texas Intermediate (WTI) was down 23 cents, or 0.4 percent, at $56.03 a barrel, having risen 4.3 percent the previous session, the biggest percentage gain in nearly two months. “Oil bulls can’t seemingly catch a break after the rally sapping surprising build in the American Petroleum Institute oil inventory survey has throttled WTI upward momentum dead in its tracks,” said Stephen Innes, Asia Pacific market strategist at AxiTrader.

US crude stocks rose last week, while gasoline inventories decreased and distillate stocks drew, data from industry group the American Petroleum Institute (API) showed on Wednesday. Read More

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