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5/22, 9:03 AM (Source: TeleTrader)
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Oil trades lower on reported rise in US inventories

Oil traded lower on Wednesday after private data from the United States showed the country's crude stockpiles climbed last week. The American Petroleum Institute weekly report said that US oil inventories jumped by 2.4 million barrels to 480.2 million barrels. Official data is set to be released later today by the US Energy Information Administration (EIA).

Meanwhile, Saudi Arabia's cabinet issued a statement saying the kingdom is committed to "achieving balance" in the global oil market and "working toward its stability on a sustainable basis."

West Texas Intermediate (WTI) for deliveries in July dropped 0.90% to sell for $62.56 per barrel at 2:48 am ET and international benchmark Brent for settlements in July lost 0.50% to go for $71.82 per barrel at 2:49 am ET.

Breaking the News / NP