U.S. oil prices extend decline on crude inventory build
U.S. oil prices extended declines on Thursday after government data showed a surprise climb in U.S. crude inventories.
NYMEX crude for December delivery
London Brent crude for December delivery
Brent hit an intraday high of $58.74 on Wednesday, moving back towards a 26-month peak marked in late September.
U.S. crude inventories rose by 856,000 barrels last week, U.S. Energy Information Administration data showed on Wednesday. Analysts had expected a decrease of 2.6 million barrels. [EIA/S]
Gasoline stocks fell by 5.5 million barrels, compared with expectations in a Reuters poll for a drop of 17,000 barrels, helping push up U.S. gasoline futures.
Distillate stockpiles, which include diesel and heating oil, fell by 5.2 million barrels, versus expectations for an 860,000-barrel drop, the EIA data showed.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
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