MTECHTIPS;-Oil slides to 5-week low as weekly U.S. stockpile data

MTECHTIPS;-Oil slides to 5-week low as weekly U.S. stockpile data disappoints

MTECHTIPS-Oil prices reversed overnight gains in North American trading on Wednesday, sliding to a fresh five-week low after data showed a lower than expected drawdown in U.S. oil stockpiles. The U.S. West Texas Intermediate crude June contract shed 17 cents, or around 0.3%, to $47.51 a barrel by 10:35 AM ET (14:35 GMT) after falling to $47.34, a level not seen since March 27. Prices were at around $47.98 prior to the release of the inventory data. Elsewhere, Brent oil for July delivery on the ICE Futures Exchange in London dipped 22 cents to $50.23 a barrel, after sliding to $50.14 in the prior session, its deepest trough since March 27. The U.S. Energy Information Administration said in its weekly report that crude oil inventories fell by 930,000 barrels in the week ended April 28. Market analysts’ expected a crude-stock decline of 2.3 million barrels, while the American Petroleum Institute late Tuesday reported a supply-drop of 4.1 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, decreased by 728,000 barrels last week, the EIA said. Total U.S. crude oil inventories stood at 527.8 million barrels as of last week, which the EIA considered to be at the upper limit of the average range for this time of year.
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