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7/17, 7:52 PM (Source: TeleTrader)
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Oil swings to red on fuel inventory boost in US

Benchmark prices of crude surrendered gains on Wednesday and turned lower after the weekly report by the United States Department of Energy raised concerns about the health of the domestic economy and private spending. Gasoline in stock increased by 3.6 million barrels while the distillates item surged by 5.7 million barrels in the seven days through July 12, possibly pointing to weakening consumption.

The decline in oil inventories by a strong 3.1 million barrels was partly attributed to the effects of a tropical storm which has hit the country's south and disrupted production, consistent with a drop in refinery runs, their capacity usage and imports of the commodity.

West Texas Intermediate for delivery next month plunged 1.49% to $56.76 per barrel at 7:40 pm CET. Brent for settlement fell 0.96% to $63.73 for one barrel. The session lows, at $56.62 and $63.52, respectively, were last seen on July 5.

Breaking the News / IT