Mounting U.S inventories bring oil prices back down

MG News | July 18, 2018 at 10:56 AM GMT+05:00

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In an unforeseen turn of events, oil prices dropped on Wednesday, July 18^th 2018 as U.S. crude inventories rose last week, resisting analysts’ expectations of a further decline in supply.

Brent futures were down 31 cents or 0.4 percent at $71.85 a barrel by 0240 GMT. They rose 32 cents to $72.16 a barrel on Tuesday, after earlier touching a three month low.

U.S. West Texas Intermediate (WTI) cruse was down 36 cent or 0.5 percent, at $67.72. It settled up 2 cents at $68.08 a barrel the session before, coming off a nearly one-month low

Previously, labor strikes in Norway, and a decline in inventories injected distress in the market, causing price hikes. Supply disruption from Venezuela contributed further as analysts forecasted a decline of 3.6 million barrels in U.S. inventories for the week through July 13^th.

However with the rise of more than 600,000 barrels in U.S. crude stockpiles, the prices came back down as the market relaxed.

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KSE100	169,864.53 309.70M	0.77% 1289.83
ALLSHR	102,725.13 871.92M	0.54% 553.85
KSE30	51,670.42 144.06M	0.97% 495.07
KMI30	244,230.82 127.19M	0.88% 2126.86
KMIALLSHR	67,141.83 400.81M	0.66% 438.06
BKTi	45,511.25 34.21M	0.74% 335.27
OGTi	33,787.05 15.45M	0.86% 288.90

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	90,330.00	93,070.00 89,640.00	-1680.00 -1.83%
BRENT CRUDE	61.22	61.86 60.81	-0.06 -0.10%
RICHARDS BAY COAL MONTHLY	91.00	0.00 0.00	1.00 1.11%
ROTTERDAM COAL MONTHLY	97.30	97.30 97.30	0.90 0.93%
USD RBD PALM OLEIN	1,016.00	1,016.00 1,016.00	0.00 0.00%
CRUDE OIL - WTI	57.53	58.19 57.15	-0.07 -0.12%
SUGAR #11 WORLD	15.10	15.27 14.83	0.25 1.68%