WTI declines after EIA data

Thursday, 14. November 2019 18:15

West Texas Intermediate futures started trading in the red on Thursday after the Energy Information Agency (EIA) said crude oil inventories in the US were up by 2.2 million barrels in the week ending November 8. The official data came as a bit of a surprise to investors after private data published a day earlier said US crude oil stockpiles decreased by 525,000 last week.

Meanwhile, a report from the Organization of the Petroleum Exporting Countries (OPEC) showed that oil demand remained unchanged in November at 980,000 barrels per day.

December WTI futures lost 0.18% to go for $57 per barrel at 12:01 pm ET. Meanwhile, Brent for January delivery pared gains following the report and was 0.11% in the green, trading at $62.38 per barrel, at 12:03 pm ET.

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