Oil prices settled down just over 1% on Wednesday after U.S. data showed surprisingly large build in gasoline and diesel inventories, swelling fuel supplies with OPEC+ planning more output and trade tensions clouding the energy demand outlook.
Brent crude futures closed down 77 cents, or 1.2%, at $64.86 a barrel. U.S. West Texas Intermediate crude settled 56 cents, or 0.9% lower at $62.85.
U.S. gasoline stocks swelled by 5.2 million barrels, the Energy Information Administration said. Analysts polled by Reuters had expected a rise of 600,000 barrels.
Distillate stockpiles rose by 4.2 million barrels compared with expectations for a rise of 1 million barrels.
Crude inventories dropped by 4.3 million barrels. Analysts polled by Reuters had expected a draw of 1 million barrels.
"The report is in my view bearish, due to large builds in refined products," Giovanni Staunovo, an analyst with UBS.
"There was a strong increase in refinery demand for crude, resulting in a large crude draw. But post-Memorial Day, the strong supply increase with weaker implied demand resulted in large refined product inventory increases," he added.
Plans by OPEC+ producers to increase output by 411,000 barrels per day (bpd) in July were also weighing on investors.
On Tuesday, both benchmarks climbed about 2% to a two-week high, driven by worries about supply disruptions and expectations that OPEC member Iran would reject a U.S. nuclear deal proposal key to easing sanctions.
Russia posted a 35% decline in May oil and gas revenue, which could make Moscow more resistant to further OPEC+ output hikes, as such moves weigh on crude prices.(alg)
Sumber: Reuters
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