Oil Holds Decline After Industry Report Points to Stockpile Gain

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West Texas Intermediate,Bloomberg,Crude Inventories

(Bloomberg) -- Oil held a decline after an industry report signaled a small build in US crude inventories ahead of official government data.Most Read from...

-- Oil held a decline after an industry report signaled a small build in US crude inventories ahead of official government data.Brent traded below $85 a barrel and West Texas Intermediate was near $81. The American Petroleum Institute reported crude stockpiles rose by about 900,000 barrels last week, according to people familiar with the figures. Holdings at the Cushing storage hub declined, however.

Prompt time spreads for Brent and WTI have widened in a bullish backwardation structure this month, and money managers have recently increased their bets on a range of products including ICE gasoil, Europe’s diesel benchmark.Buy 500 Shares of This Super Dividend Stock for $1,830/Year in Passive Income

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Oil Holds Decline After Industry Report Points to Stockpile GainOil held a decline after an industry report signaled a small build in US crude inventories ahead of official data.
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