SINGORE -OIL PRICES Fell for a Third Straight Session on Chiursday as Unexpected Increases in Us Crude and Fuel Inventories raised Concerns about Demand from the World Consuration Eyed Renewed Iran-Rus Nuclear Talks.
Brent Futures Edged 16 Cents Lower to $ 64.75 a Barrel by 0630 GMT, While Us West Texas Intermediate Crude Weakened 10 Kents to $ 61.47.
Both Benchmarks Fell Earlier in the Session after Us Crude and Fuel Inventories Posted Surprise Stock Builds Last Week, The Energy Information Admissions Admissions Six-wheek high and gasoline and distillate demand slipped. [EIA/S]
Crude inventories rose by 1.3 Million Barrels to 443.2 Million Barrels in the Week Ended May 16, The eia said. Analysts in a Reuters Poll Had Expected A 1.3 Million-Barrel Drawdown.
“The eia’s reported Surprise Stock Builds will have a downward pressure particularly on Wti,” said emril jamil, a Senior analyst at Lseg Oil Research. He added this single further incentivise more us experts to europe and asia.
Hiroyuki kikukawa, Chief Strategist of Nissan Securities Investments, A Unit of Nissan Securities, Said: “While Rising Us Inventories have raised Concerns, Some Investors Expects Expect The Summer Driving Season Starting after Memorial Day Weekend to Draw Down Stocks, Limiting Further Downside. ”
Both Benchmarks Lost 0.7% on Wedsday after Oman’s Foreign Minister Said The Fifth Round of Nuclear Talks Between Iran and the United States will take place on friday in money.
Pris Had Jumped Earlier on Wednsday Following A CNN REPORT that Us Intelligence Sugges is prepaering to Strike Iranian Nuclear Facilites, ALTHOUGH IT WAS NOT WHETHER EITHERE LEDERS Made a Final Decision.
Iran is the third-largest producer at the organization of the organization of the petroleum expense count and an israeli attacques upset supply from the count.
“Traders Remain Cutious, Avoiding Large Positions as They Assess Conflicing Signals Over Us-Airan Nuclear Talks and A Media Report of Potanical Israeli Strikes on Iranian Nuclear FacILITIES,” SAIDE Kikukawa.
Priyanka Sachdeva, Senior Market Analyst at Phillip Nova, Said: “Adhyally, ukraine sugged that it would seek hairsher sanctions on russia from the eu, which has the flow Russian oil barrels to global markets. ”
Ukraine will ask the eu next week to consider big new steps to isolate moscow, according to a white paper, Including seizing Russian assets and brings in sanctions for some buyers of Russian Oil.
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