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Oil edges lower after industry group reports jump in US stockpiles

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American Petroleum Institute,Oil Prices,Barrel Jump

Oil prices fell in early Asian trade on Wednesday after an industry group reported a surprise jump in U.S. stockpiles, fueling concerns about weaker-than...

NEW YORK - Oil prices fell in early Asian trade on Wednesday after an industry group reported a surprise jump in U.S. stockpiles, fueling concerns about weaker-than-expected demand in the top oil consuming nation.

The American Petroleum Institute reported U.S. crude oil stocks rose by 914,000 barrels in the week ended June 21, according to market sources briefed on the data. Analysts polled by Reuters expect crude stocks to have declined by nearly 3 million barrels last week.Concerns around a weak start to the U.S. summer driving season were partly responsible for a slump in oil prices in the previous session. API reported a 3.84 million barrel jump in U.S.

The U.S. dollar index extended gains slightly on Wednesday after advancing about 0.1% against a basket of currencies in the previous session.

 

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Oil price news: Oil steady before U.S. market outlook and Wednesday's Fed decisionOil held the biggest jump since March ahead of market outlook reports and as the Organization of the Petroleum Exporting Countries maintained a forecast for strengthening demand.
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