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  • MTECHTIPS:-U.S. crude futures dip to new 6-yr low, as traders digest surprise build

MTECHTIPS:-U.S. crude futures dip to new 6-yr low, as traders digest surprise build

MTECHTIPS:-U.S. crude futures dip to new 6-yr low, as traders digest surprise build

U.S. crude futures reversed territory late in Thursday’s session amid a late sell-off, to fall to fresh six-year lows as investors continued to react to an unexpected inventory build one session earlier. On the New York Mercantile Exchange, WTI crude for October delivery traded between $40.51 and $41.72 a barrel, before settling at $41.19, down 0.09 or 0.21% on the session. Texas Long Sweet futures were headed for just its ninth positive close over the last month, before dropping into negative territory in the final minutes of Thursday’s session. Since July 20, U.S. crude futures are down by more than 20% from their level slightly above $50 a barrel. On the Intercontinental Exchange (ICE), brent crude for October delivery wavered between $46.32 and $47.37 a barrel, before closing at $46.53, down 0.63 or 1.34% on the day. The spread between the international and U.S. benchmarks of crude stood at 5.34, below Wednesday’s level of 5.87 at the close. Energy traders continued to digest a surprising build in U.S. stockpiles last week, when crude inventories nationwide surged by 2.6 million barrels – its highest weekly increase in nearly four months. At 456.2 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years. Total motor gasoline inventories decreased by 2.7 million barrels last week, and are in the middle of the average range, the EIA said in a report. At the Cushing Oil Hub in Oklahoma, the main delivery point for NYMEX crude oil, inventories increased by 300,000 barrels for the week. U.S. crude stockpiles rose considerably for the week ending on August 14, in spite of continual declines in production. During the week, .
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