- Oil prices slipped in early Asian trading on Wednesday following a brief rebound in the previous session after industry data showed an unexpected build in U.S. crude oil and gasoline inventories, offsetting global oil supply concerns.
Gasoline inventories rose by 3.313 million barrels against analysts' expectations for a 1 million bbl draw, while distillate stocks rose by 1.217 million barrels, a bigger build than anticipated. However, both benchmarks broke a three-session declining streak on Tuesday as tensions in the Middle East stoked supply concerns, supporting prices.
Global oil inventories decreased by around 400,000 bpd in the first half this year, according to U.S. Energy Information Administration estimates published on Tuesday. It expects stockpiles to decline by around 800,000 bpd in the second half of the year. 4 hotel workers charged with felony murder in death of man captured being pinned down