Oil prices retreat despite falling U.S. crude stockpiles

0 Comment(s)Print E-mail Xinhua, June 20, 2019
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NEW YORK, June 19 (Xinhua) -- Oil prices settled down on Wednesday despite data showed a larger-than-expected decline in U.S. crude inventories.

The West Texas Intermediate for July delivery shed 14 cents to settle at 53.76 U.S. dollars a barrel on the New York Mercantile Exchange, and Brent crude for August delivery slid 32 cents to close at 61.82 dollars a barrel on the London ICE Futures Exchange.

U.S. crude oil inventories decreased during the week ending June 14, the U.S. Energy Information Administration said in a report on Wednesday.

According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, decreased by 3.1 million barrels from the previous week. Analysts polled by S&P Global Platts expected a decline of 2 million barrels in crude inventories, on average.

Earlier in the session, oil prices got some support from the report, but the boost was quite short-lived.

Traders digested the news that members of the Organization of the Petroleum Exporting Countries (OPEC) have agreed to meet on July 1, followed by a meeting with non-OPEC allies on July 2.

Market participants are awaiting a decision by OPEC and its allies on whether to extend a pact on cutting 1.2 million barrels per day of production that expires this month. Enditem

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