Wednesday, 31 May 2023 12:45 GMT

Oil decreases due to estimated US crude inventory surge

(MENAFN) Oil prices saw a decrease on Wednesday due to unpredicted increase in US crude oil inventories and regardless of provision disturbances after Ukraine’s pipeline worker stopped oil flow because of payment concerns.

International main Brent crude exchanged at USD95.46 a barrel at 09.40 AM regional time (0640 GMT) for a 0.88 percent decline from the ending price of USD96.31 per barrel in the prior exchange session.

American main West Texas Intermediate (WTI) stood at USD89.50 a barrel at the same time for a 1.1 percent fall after the prior session finished at USD90.50 per barrel.

The American Petroleum Institute (API) declared its estimate of an increase of more than 2.15 million barrels in crude oil inventories in the world’s biggest oil-intake nation, the US, late Tuesday, relative to the market estimation of a 73,000-barrel increase.

The higher than estimated raise in stockpiles indicates a fall in crude request, pushing prices down.


Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.