You are here: Home » Reuters » News
Business Standard

Oil dips on rising U.S. fuel stocks, but OPEC's supply cuts offer support

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices dipped on Wednesday, as refined product inventories in the United States rose in what the market interpreted as a sign of lacklustre demand. Brent crude futures, the international benchmark for oil prices, were down 24 cents, or 0.4 percent, at $62.62 a barrel as of 0456 GMT.U.S. West Texas Intermediate (WTI) crude futures were at $57.38 a barrel, down 24 cents, or 0.4 percent, from their last settlement.Traders said prices fell after an American Petroleum Institute (API) report late on Tuesday that showed a 9.2 million barrel rise in ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Wed, December 06 2017. 10:34 IST