- API reports an 883K barrel increase in US crude oil stocks.
- WTI falls toward $6 after settling at $66.36.
Crude oil prices came under a modest selling pressure after the weekly report released by the American Petroleum Institute showed a surprise build in the U.S. crude oil stocks.
The API said that the crude oil inventories increased by 883,000 barrels to 433.7 million barrel for the week ending June 8. Further details of the report revealed that the refinery crude runs rose by 48,000 bpd. On Wednesday, the EIA is going to announce its stock report as well. After reporting a 2.072 million barrel increase last Wednesday, the EIA is expected to show a 2.9 million barrels draw this week.
Meanwhile, LiveSquawk earlier in the session reported that Russia was seeking oil cuts rollback for most of OPEC members but it would leave its 1 million bpd of involuntary supply cuts intact while continuing to backing the cooperation with OPEC into 2019.
As of writing, the barrel of West Texas Intermediate was trading at $66.02, losing 8 cents, or 0.12%, on the day.
Share
