MTECHTIPS;-Crude oil settles lower as US production hits 2-year high

MTECHTIPS;-Crude oil settles lower as US production hits 2-year high

MTECHTIPS- Crude futures settled lower on Wednesday, as data showing U.S. crude production rose to its highest in over two years offset a decline in supplies of U.S. crude for a seventh-straight week. On the New York Mercantile Exchange crude futures for September delivery fell by $0.77 to settle at $46.78 a barrel, while on London’s Intercontinental Exchange, Brent lost 43 cents to trade at $50.37 a barrel. Crude oil fell for the third-straight day, after a report from the Energy Information Administration (EIA) showing crude stockpiles fell by more than expected last week failed to offset concerns over a rise in production. Inventories of U.S. crude fell by roughly 8.9 m barrels in the week ended Aug 11, confounding expectations of a draw of about only 3 m barrels. It was seventh-straight week of falling crude inventories. Gasoline inventories, one of the products that crude is refined into, unexpectedly rose by roughly 22,000 barrels against expectations of a draw of 1.1 m barrels while distillate stockpiles rose by 702,000 barrels, compared to expectations of a decline of 572,000 barrels. The report also highlighted total crude-oil production rose to 9.502 m barrels per day, an uptick of 79,000 barrels a day compared to last week. That was the highest weekly output figure since mid-July 2015, and sparked fresh oversupply jitters, pressuring oil prices.
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