Oil Prices Ease On Large Inventory Build

Oil prices fell slightly on Thursday, with Brent crude futures edging away from the psychologically important $70 level after data showed that U.S. crude oil inventories rose unexpectedly last week.

Benchmark Brent crude dropped 11 cents to $69.20 a barrel, while U.S crude oil WTI futures were down about 0.1 percent at $62.41.

Overnight data released by the Energy Information Administration showed that crude oil inventories rose by 7.24 million barrels in the week ended March 29.

That compared to forecasts for a stockpile draw of over 0.4 million barrels. In the week ended March 22, stockpiles increased by 2.8 million barrels.

While gasoline inventories dropped by 1.78 million barrels last week, distillate stockpiles dropped by 2 million barrels.

In other news, investors keep an eye on the latest Brexit developments and ongoing U.S.-China talks for further direction.

After U.K. lawmakers approved a bill forcing Prime Minister Theresa May to ask for a Brexit delay, the government and the main opposition are expected to hold further crisis talks today.

White House economic adviser Larry Kudlow said Wednesday the U.S. and China hope to get closer to a trade deal this week.

President Donald Trump is due to meet with Chinese Vice Premier Liu He in Washington today.

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

Source:: Oil Prices Ease On Large Inventory Build

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