OIL PRICES FELL AND CLEARING THE GAINS FOLLOWING US OIL INVENTORIES DATA
Publish Date : 2019/10/24 - 04:59

OIL PRICES FELL AND CLEARING THE GAINS FOLLOWING US OIL INVENTORIES DATA


Oil prices dropped on Thursday in Asia, erasing gains recorded following a surprise dip in U.S. crude stockpiles.

U.S. Crude Oil WTI Futures fell 0.8% to $55.50 by 12:01 AM ET (04:01 GMT). International Brent Oil Futures fell 0.6% to $60.83.

Oil prices rallied more than 1% overnight after the U.S. Energy Information Administration reported a 1.7-million-barrel crude inventory drop for the week ended Oct.18, versus analysts’ expectations for a build of 2.2 million barrels.

But oil gave up its gains soon after, with comments by Russian Energy Minister Alexander Novak.

Source:investing

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