US West Texas Intermediate (WTI) crude futures fell as much as 5% to a low of $31.14 and were down 3%, or 97 cents, at $31.84 at 0019 GMT. Data from the American Petroleum Institute industry group showed crude stocks rose by 8.7 million barrels in the week to May 22, compared with analysts’ expectations for a draw of 1.9 million barrels. Gasoline stocks rose by 1.1 million barrels, more than 10 times the build analysts had expected, and stocks of diesel and heating oil rose by 6.9 million barrels, nearly four times as much as anticipated. The market will be looking to see if data from the US Energy Information Administration later on Thursday matches API. With WTI holding above $30, OPEC+ will be closely watching to see whether US oil shale oil producers who have breakeven prices in the high $20 and low $30 dollar range step up production.

Source: Dhaka Tribune May 28, 2020 00:45 UTC