Oil slips on higher US crude stocks

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Home Business Oil slips on higher US crude stocks 21-08-2024 11:08 AM Ammon News - Oil prices slipped on Wednesday on estimates showing swelling U.S. crude inventories and expectations that tensions in the Middle East were easing following a tour of the region by mediators. Brent crude futures fell 11 cents, or 0.1%, to $77.09 a barrel by 0630 GMT. U.S. West Texas Intermediate crude dipped 14 cents, or 0.2%, to $73.03. U.S. crude oil stocks were seen rising last week by 347,000 barrels, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline and distillate stocks, however, fell by 1.043 million barrels and 2.247 million barrels respectively, according to the sources. The United States is the world's biggest producer and consumer of oil, and growing inventories point to oversupply that could pressure prices. Official U.S. government inventory estimates are set to be released on Wednesday at 10:30 a.m. Reuters

Home Business

Oil slips on higher US crude stocks

21-08-2024 11:08 AM

Ammon News - Oil prices slipped on Wednesday on estimates showing swelling U.S. crude inventories and expectations that tensions in the Middle East were easing following a tour of the region by mediators.

Brent crude futures fell 11 cents, or 0.1%, to $77.09 a barrel by 0630 GMT. U.S. West Texas Intermediate crude dipped 14 cents, or 0.2%, to $73.03.

U.S. crude oil stocks were seen rising last week by 347,000 barrels, according to market sources citing American Petroleum Institute figures on Tuesday. Gasoline and distillate stocks, however, fell by 1.043 million barrels and 2.247 million barrels respectively, according to the sources.

The United States is the world's biggest producer and consumer of oil, and growing inventories point to oversupply that could pressure prices.

Official U.S. government inventory estimates are set to be released on Wednesday at 10:30 a.m.

Reuters

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