PT Solid Gold Berjangka | Oil Prices Down on Demand Woes as Markets Await U.S Crude Stockpiles Data
Minyak Oil, PT SGB Solid Gold Berjangka Solid Group SG Berjangka
Solid Gold Berjangka | Oil prices were down on Thursday as the markets wait on the latest U.S. crude oil stockpiles data while resilient U.S. economic activity pointed to borrowing costs staying higher for longer in a potential blow to demand.
Brent futures lost 9 cents, or 0.1%, to trade at $83.52 a barrel, while U.S. West Texas Intermediate (WIT) crude was down 3 cents, or 0.04%, to $79.19 at 0046 GMT.
U.S. crude oil and gasoline inventories fell last week while distillates rose, according to market sources citing American Petroleum Institute figures on Wednesday.
The API figures showed crude stocks were down by 6.49 million barrels in the week ended May 24, the sources said, with gasoline inventories down by 452,000 barrels, and distillates up by 2.045 million barrels.
This comes against analysts projection of U.S. energy firms pulling 1.9 million barrels of crude out of storage while stocking 0.4 million barrels of distillates and 1 million barrels of gasoline.
The date by U.S. Energy Information Administration (EIA) is due later on Thursday.
Source : Reuters