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Oil prices drop as U.S. crude supplies post a second straight weekly climb
Thursday, 23 May 2019 02:48 WIB | ENERGY |MinyakMinyak WTIMinyak MentahMinyak Brent

Oil futures dropped Wednesday, with U.S. prices posting their biggest single-session loss in nearly three weeks, after government data revealed a hefty weekly increase in domestic crude stockpiles, defying expectations for a decline.

Domestic crude production has also œticked higher again, while another U.S. Strategic Petroleum Reserve release, œthis time 1.2 million barrels, has helped boost the rise in inventories, he added.

West Texas Intermediate crude for July delivery fell $1.71, or 2.7%, to settle at $61.42 a barrel on the New York Mercantile Exchange, for largest single session dollar and percentage drop since May 2, according to FactSet data.

Global benchmark July Brent declined by $1.19, or 1.7%, to $70.99 a barrel on ICE Futures Europe. Both WTI and Brent crude marked their lowest front-month contract settlements since May 13.

Source : MarketWatch

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