Oil prices dip after mixed U.S. inventory data
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E-mail Xinhua, July 15, 2021
NEW YORK, July 14 (Xinhua) -- Oil prices fell noticeably on Wednesday as data showed a drop in U.S. gasoline demand.
The West Texas Intermediate for August delivery lost 2.12 U.S. dollars to settle at 73.13 dollars a barrel on the New York Mercantile Exchange. Brent crude for September delivery decreased 1.73 dollars to close at 74.76 dollars a barrel on the London ICE Futures Exchange.
U.S. crude oil inventories decreased by 7.9 million barrels during the week ending July 9, the U.S. Energy Information Administration (EIA) said in a report on Wednesday. Analysts surveyed by S&P Global Platts had anticipated the EIA publications to show a fall of 4.9 million barrels in U.S. crude supplies.
However, the EIA report also showed total motor gasoline inventories increased by 1.0 million barrels last week and distillate fuel inventories increased by 3.7 million barrels.
Traders also looked to talks between Saudi Arabia and the United Arab Emirates, two key OPEC members, on crude production levels.
Earlier this month, the Organization of the Petroleum Exporting Countries and its allies, collectively known as OPEC+, failed to reach a deal on next output policy. Enditem
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