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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
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CL
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(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.

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