Published: Fri, July 19, 2019
Markets | By Erika Turner

Crude futures fall after strong build in USA oil products stocks

Crude futures fall after strong build in USA oil products stocks

Official data from the USA government's Energy Information Administration (EIA) is due at 1430 GMT.

Iran said the vessel, which it did not identify, was smuggling fuel and had been carrying 1 million litres, or around 6,200 barrels, in the area of Larak Island and had 12 foreign crew.

September Brent advanced 52 cents to $64.18 on the ICE Futures Europe Exchange.

West Texas Intermediate for August delivery dropped 5 cents to $56.73 on the New York Mercantile Exchange as of 7:31 London after declining as much as 0.6% earlier.

U.S. crude oil stockpiles fell more than expected last week, while gasoline and distillate inventories rose sharply, the Energy Information Administration said on Wednesday, due to the impact of the first major hurricane to hit the U.S. Gulf of Mexico this season.

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Some of the EIA data was affected by Storm Barry, which came ashore on Saturday in central Louisiana as a Category 1 hurricane.

Crude inventories fell by 3.1 million barrels last week, more than analysts' expectations for a decrease of 2.7 million barrels. More than half of daily crude production in the Gulf of Mexico remained offline on Tuesday, the Bureau of Safety and Environmental Enforcement (BSEE) said, as most oil companies were re-staffing facilities to resume production.

"The oil price reaction on Thursday shows once again that the conflict in the Middle East is far from solved and tensions could flare up at any time", UBS analyst Giovanni Staunovo said.

However, Iranian authorities later denied it was willing to negotiate over its ballistic missile programme, however, appearing to undercut Trump's statement.

"Due to the combination of unattractive weekly statistics on USA oil inventories from the EIA and sluggish performances from the stock markets Tuesday's sell-off did not turn out to be a buying opportunity, at least not for the time being", PVM analyst Tamas Varga said. U.S. officials said yesterday they were unsure whether an oil tanker towed into Iranian waters had been seized or rescued. This article is strictly for informational purposes only. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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