WTI Slips for Ninth Day After Supplies Advance at Cushing
West Texas Intermediate oil fell for a ninth day, the longest stretch of declines since 2009, after supplies rose at Cushing, Oklahoma, the contract’s delivery point. Gasoline slipped to a one-month low.
Cushing stockpiles rose by 447,000 barrels to 20.9 million last week, Energy Information Administration data showed. Gasoline inventories increased 579,000 barrels to 214.3 million as demand slipped. Brent fell to a one-month low amid signs Libyan oil exports will gain.
“I was expecting to see Cushing supplies sink, so the build caught me a bit by surprise,” said Tom Finlon, Jupiter, Florida-based director of Energy Analytics Group LLC. “The Libyans appear to be making progress and are taking a pragmatic approach about returning their oil to the market.”
WTI for August delivery dropped
(go to article)
Submitted Yesterday By: