Investing.com - Financial Markets Worldwide
⚠ NVDA Q3 Earnings Alert: Why our AI stock picker is still holding Nvidia stockRead More

CORRECTED-Oil prices ease on surprise rise in U.S. stockpiles, but Middle East tensions support

Published 05/15/2019, 11:49 AM
CORRECTED-Oil prices ease on surprise rise in U.S. stockpiles, but Middle East tensions support
LCO
-
CL
-

(Corrects price movements in paragraphs 2, 3)
SYDNEY, May 15 (Reuters) - Oil eased on Wednesday after
closely watched data showed a surprise rise in U.S. crude
stockpiles, but prices were supported by mounting tensions in
the Middle East.
Brent crude futures LCOc1 were at $70.90 a barrel at 0100
GMT, down 34 cents, or 0.5%, from their last close. Brent closed
up 1.4% on Tuesday.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were
at $61.39 per barrel, down 39 cents, or 0.6%, from their
previous settlement. WTI closed up 1.2% in the previous session.
U.S. crude stockpiles unexpectedly rose last week, while
gasoline and distillate inventories increased, data from
industry group the American Petroleum Institute showed on
Tuesday. EIA/S
Oil prices have drawn support after Saudi Arabia on Tuesday
said armed drones struck two of its oil pumping stations, two
days after the sabotage of oil tankers near the United Arab
Emirates, while the U.S. military said it was braced for
"possibly imminent threats to U.S. forces in Iraq" from
Iran-backed forces. The attacks took place against a backdrop of U.S.-Iranian
tension following Washington's decision this month to try to cut
Iran's oil exports to zero and to beef up its military presence
in the Gulf in response to what it said were Iranian threats.
Meanwhile, the Organization of the Petroleum Exporting
Countries (OPEC) on Tuesday said that world demand for its oil
would be higher than expected this year as supply growth from
rivals including U.S. shale producers slows, pointing to a
tighter market if the exporter group refrains from raising
output.

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.