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Oil Trades Near $56 After Slump as U.S. Gasoline Stockpiles Gain
Thursday, 7 December 2017 13:58 WIB | ENERGY |MinyakBrentMinyak WTIMinyak WTI BerjangkaOil,

Oil held losses near $56 a barrel after falling the most in two months as U.S. gasoline stockpiles expanded more than expected, offsetting a third weekly decline in crude inventories.

Futures were little changed in New York after tumbling 2.9 percent Wednesday, the biggest daily drop since Oct. 6. Motor fuel stockpiles rose by 6.78 million barrels last week for a fourth weekly advance, according to Energy Information Administration data. The gain was more than double the most bearish estimate in a Bloomberg survey. Oil output increased to a record.

West Texas Intermediate for January delivery was at $55.99 a barrel on the New York Mercantile Exchange, up 3 cents, at 2:30 p.m. in Hong Kong. Total volume traded was about 6.7 percent below the 100-day average. Prices slid $1.66 to $55.96 on Wednesday.

Brent for February settlement added 9 cents to $61.31 on the London-based ICE Futures Europe exchange after falling 2.6 percent on Wednesday. The global benchmark traded at a premium of $5.26 to February WTI.

Source: Bloomberg

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