Published: Wed, November 15, 2017
Money | By Armando Alvarado

United States crude, fuels inventories grow

United States crude, fuels inventories grow

United States crude oil and product stockpiles were mostly higher last week against a back drop of rising domestic production and net imports.

Prices remained under pressure from this week's International Energy Agency (IEA) outlook for slower growth in global crude demand.

The U.S. Energy Information Administration report on oil inventories is due to be released on Wednesday at 10:30 a.m. EDT.

"Overall, the report is somewhat supportive because it was not as bearish as the previous API report last night - that is why we are slowly digging our way out of the downside seen earlier this morning", said Phil Flynn, senior energy analyst at Price Futures Group in Chicago.

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Crude-oil stockpiles rose by 1.9 million barrels to 459 million barrels and are still in the upper half of the average range for this time of year, the EIA said.

At the Multi Commodity Exchange, crude palm oil for delivery this month rose by Rs 1.60, or 0.28 per cent, to Rs 562.40 per 10 kg, in a business turnover of 121 lots.

Crude oil prices fell in Asia on Wednesday as US industry inventory data weighed on sentiment and markets noted a more downbeat forecast for demand in 2018 by the IEA overnight. Brent was trading down 2.26 percent on the day at $61.73. That could mean world oil consumption may not breach 100 million bpd next year as many had expected. That was contrary to the forecast for a decline of 1 million barrels from analysts surveyed by S&P Global Platts.

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