MTECHTIPS:-Crude Oil Prices Move Lower with U.S. Inventory Data in

MTECHTIPS:-Crude Oil Prices Move Lower with U.S. Inventory Data in Focus

MTECHTIPS-Crude oil prices moved lower on Thursday, after data late Wednesday showed that U.S. crude inventories rose unexpectedly last week, eclipsing recent signs that the market is tightening, while markets awaited the U.S. Energy Information Administration’s weekly report due later in the day. The U.S. West Texas Intermediate crude November contract was down 27 cents or about 0.53% at $51.03 a barrel by 03:45 a.m. ET (07:45 GMT), off Wednesday’s more than one-week highs of $51.41. Elsewhere, Brent oil for December delivery on the ICE Futures Exchange in London was down 22 cents or about 0.39% at $56.72 a barrel. Prices dropped after the American Petroleum Institute reported on Wednesday that U.S. crude stocks rose by 3.1 million barrels to 468.5 million barrels last week, disappointing expectations for a drop of 400,000 barrels. Analysts and traders were expecting the weekly data from the U.S. Energy Information Administration due later Thursday to show a decline in crude stockpiles for the week ended October 6. The commodity had strengthened after Saudi Arabia announced plans on Monday to cut monthly exports in November
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