Crude Oil Slips After API Inventories Stunner

Crude oil futures fell Wednesday morning as industry data showed a surprisingly large build in crude oil inventories.

The American Petroleum Institute (API) has reported a significant build of 5.321 million barrels of U.S. crude oil inventories for the week ending March 23.

However, gasoline stockpiles plunged 5.8 million barrels.

WTI light sweet crude was down 37 cents to $64.89 a barrel, having recently touched a 7-week high. Analysts say traders took some profits after the strong rally.

The Energy Information Administration is out with the government’s offical oil inventories data later this morning.

Chinese yuan denominated oil futures have been volatile in their first two sessions.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Crude Oil Slips After API Inventories Stunner