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Crude futures fall after strong build in US oil products stocks

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Oil prices fell on Thursday, extending declines into a fourth day, after official data showed U.S. stockpiles of products like gasoline rose ...

TOKYO: Oil prices fell on Thursday, extending declines into a fourth day, after official data showed U.S. stockpiles of products like gasoline rose sharply last week, suggesting weak demand during the peak driving season.

While data on Wednesday from the U.S. Energy Information Administration showed a larger-than-expected drawdown in crude stockpiles last week, traders focussed on large builds in refined product inventories dragging prices down. However, gasoline stocks rose 3.6 million barrels, compared with analysts' expectations in a Reuters poll for a 925,000-barrel drop. Distillate stockpiles grew by 5.7 million barrels, much more than expectations for a 613,000-barrel increase, the EIA data showed.

 

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