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| Commodity News |
| HeadLine : |
Crude Drops In Asia As API Estimates Ahead |
| Date : |
Sep 19 2017 |
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Crude oil prices fell in Asia on Tuesday ahead of industry estimates by the American Petroleum Institute (API) of refined product and crude stocks in the U.S.On the New York Mercantile Exchange crude futures for October delivery fell 0.04% to $50.33 a barrel, while on London's Intercontinental Exchange, Brent dipped 0.18% to $55.38 a barrel.Analysts expect a 2.925 million barrels build in crude and a 2.025 million barrels decline in gasoline and a 1.175 million barrels fall in distillates. On Wednesday, official data from the Energy Information Administration EIA) is due. The API adn EIA figures often diverge.
Overnight, oil prices settled higher on Monday as investors shrugged off expectations that U.S. crude stockpiles are set to show a build for the third week in a row, following the aftermath of Hurricanes Harvey and Irma.Despite U.S. refineries reporting a much better recovery from the recent hurricanes, investors braced for an uptick in crude supplies as the U.S. ramps up imports at reopened ports to make up for the shortfall in domestic production following the aftermath of storm Harvey.The expected uptick in crude supplies comes amid a turn in sentiment on oil prices in the wake of bullish reports from both the Organization of the Petroleum Exporting Countries (Opec) and International Energy Agency last week.
Source: Investing.com
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