NYMEX and Brent rise on API figures

14 September 2016, 17:40
Eko Rediantoro

On Wednesday, crude oil held early revenues in Asia after American industry data revealed a lower than expected build in stockpiles.

In New York, October delivery crude futures edged up 0.40%, hitting $45.08 per barrel, while in London, November delivery Brent futures soared 0.15%, trading at $47.23

The American Petroleum Institute reported that crude supplies ascended by 1.4 million barrels at the end of the previous week. The given figure arose after a massive 12.1 million barrel draw last week with the data supposed to be distorted by the great impact of hurricane Hermine, which prevented oil being unloaded into storage facilities. Financial experts had expected a build of about 4 million barrels.

Gasoline shares edged down 2.4 million barrels, thus building on a dip of 2.3 million barrels last week, while distillates demonstrated a build of approximately 5.3 million barrels.

Additionally, the US Department of Energy is expected to publish official statistics on crude as well as refined product stockpiles.

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