07-02-2019

Oil slips below $62 after report shows rise in US crude inventory

Oil edged below $62 a barrel on Wednesday after a report showed a rise in U.S. crude inventories, countering expectations of a tightening market in 2019 due to OPEC-led supply cuts and U.S. sanctions on Venezuela.

U.S. crude inventories rose by 2.5 million barrels last week and gasoline stocks also increased, the American Petroleum Institute said. The government's official supply report is due out later on Wednesday.

"The fact that U.S. crude oil and gasoline stocks rose more sharply than expected, as reported by the API after the close of trading yesterday, is weighing on prices," said Carsten Fritsch, an analyst at Commerzbank.

Source: Business Standard

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