MTECHTIPS;- Crude dips in Asia after API reports less than expected
MTECHTIPS;- Crude dips in Asia after API reports less than expected draw
MTECHTIPS-Crude prices eased in Asia on Wednesday after industry estimates of U.S. crude inventories showed a less-than-expected dip, raising renewed concerns over buling shale oil output. On the New York Mercantile Exchange crude futures for May delivery fell 0.15% to $52.33 a barrel, while on London’s Intercontinental Exchange, Brent was last quoted down 0.02% to $54.80 a barrel. U.S. crude stocks fell a less-than-expected 840,000 barrels at the end of last week, the American Petroleum Institute (API) said Tuesday, less than analyst estimates of a 1.47 million barrels dip. Distillates however fell 1.8 million barrels, more than the 998,000 barrels fall seen and gasoline showed a surprise build of 1.4 million barrels, compared to a 1.938 million barrels decline expected. The Cushing, Oklahoma, oil storage hub recorded a draw of 670,000 barrels, the second draw since March. Last week, official data from the Energy Information Administration (EIA) showed a 2.166 million barrels drop in crude stocks. The EIA releases official data on crude and refined product inventories on Wednesday. Overnight, crude settled lower on Tuesday, after the EIA reported that U.S. shale output in May was set to experience the biggest monthly increase in more than two years.
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