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Crude oil prices dropped sharply on Wednesday after the Energy Information Administration reported a surprise build in inventories, raising concerns of weak demand.
Light sweet crude for January delivery closed at $76.60, down $1.77 on the session. Prices touched as low as $76.22.
U.S. commercial crude oil inventories increased by 2.1 million barrels from the previous week. A drop of 1.3 million barrels was forecast.
Total motor gasoline inventories rose by 4.0 million barrels last week, much larger than the 900,000-barrel increase projected by analysts.
Yesterday, the American Petroleum Institute reported a build of 2.89 million barrels last week. Gasoline supplies rose 3.4 million barrels and distillates were up 1.06 million barrels.
Earlier, supply disruption worries diminished after Iran released five British yachtsmen after determining the group had entered Iranian waters accidentally, according to reports.
In economic news, the Automatic Data Processing report showed that non-farm private employment fell by 169,000 jobs in November following a revised decrease of 195,000 jobs in October. Economists had been expecting a decrease of about 150,000 jobs.
Later, the Federal Reserve's Beige Book showed economic conditions have generally improved modestly in recent weeks.
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