IANS | 23 May, 2019
Oil prices settled lower on Wednesday after report showed an unexpected build in the US crude stockpiles.
The
US crude inventories increased by 4.7 million barrels in the week
ending May 17, the US Energy Information Administration reported.
At
476.8 million barrels, the US crude oil inventories are about four per
cent above the five year average for this time of year, the Xinhua news
agency reported.
Investors were worried that increasing US
stockpiles combined with prolonged tensions between the US and its major
trading partners would dampen market sentiment.
The
West Texas Intermediate for July delivery declined 1.71 US dollars to
settle at 61.42 dollars a barrel on the New York Mercantile Exchange,
while Brent crude for July delivery decreased 1.19 dollars to close at
70.99 dollars a barrel on the London ICE Futures Exchange.