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MTECHTIPS:-NYMEX crude gains despite API reported build in stocks last week
MTECHTIPS:-NYMEX crude gains despite API reported build in stocks last week
Crude oil prices gained in Asia on Thursday despite higher than expected U.S. stockpiles last week as measured by industry. The American Petroleum Institute said crude supplies last week rose 1.268 million barrels, more than the 2 million barrels decline seen, while gasoline stocks dropped 3.591 million barrels and distillates eased 51,000 barrels The Energy Information Administration will release its weekly inventory report on Thursday, delaying the release by a day due to the Memorial Day holiday. On the New York Mercantile Exchange, WTI crude for July delivery rose 0.36% to $57.72 a barrel. Overnight, crude futures moved lower on Wednesday reaching a four-week nadir, as investors awaited the release of weekly inventory data for a further gauge on global supply levels. On the Intercontinental Exchange (ICE), Brent crude for July delivery lost $1.61 or 2.53% to close at $62.11 a barrel on Wednesday. Prices continued to fall, as reports surfaced of a strategy by Iraq to flood the global markets with Iraqi crude in an effort to emasculate U.S. shale sales. Iraq plans on outlining its strategy at next week’s OPEC meeting in Vienna, according to Bloomberg, in which it could announce its intentions of boosting exports by more than 25% from its current level.
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