Wednesday, April 17, 2019
Oil was little changed as investors digested a report that showed U.S. crude and gasoline supplies shrinking less than forecast.
(Bloomberg) — Oil was little changed as investors digested a report that showed U.S. crude and gasoline supplies shrinking less than forecast.
Futures in New York gave up earlier gains on Wednesday after the Energy Information Administration said domestic oil inventories shrank by 1.4 million barrels last week while gasoline stores declined 1.17 million barrels. Both were below American Petroleum Institute estimates that had buoyed the market on Tuesday.
West Texas Intermediate prices were up 1 cent to $64.06 at 11:38 a.m. on the New York Mercantile Exchange. The U.S. benchmark had been holding onto a small increase earlier in the session thanks to the API report as well as data pointing to a first-quarter economic rebound in China.
–With assistance from James Thornhill, Tsuyoshi Inajima and Grant Smith.
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