Oil Tanks Near Seven Month Lows

WTI Crude prices extended losses Wednesday after official data showed global oil stocks had increased, despite attempts by major producers to rebalance the market. The International Energy Agency said stored oil in industrialized nations--a proxy for global supply rose by 18.6 million barrels in April.

The agency said that the over the past five year inventories were 292 million barrels higher and it advises governments on energy trends and WTI oil is $44.70 per barrel quoting. At MCX on Wednesday, crude oil ended down nearly 4% at Rs 2870 per barrel.

Another data state that the US crude oil inventories fell last week, but on the other hand an unexpected build in gasoline stock and weak demand for the motor fuel offset market optimism over the crude drawdown. The EIA (Energy Information Administration) showed their data that crude inventories fell 1.7 million barrels in the week to June 9 and gasoline stock rose 2.1 million barrels.

Gasoline inventories currently sit at 242.4 million barrels, or 9%, above the five-year average of 223 million barrels, according to EIA data. Gasoline demand over the past four weeks in the United States, the world’s top consumer of the motor fuel, was 9.53 million bpd, down 1.2% from a year ago.

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Suhani Verma

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