Remain weighe­d down by indust­ry data sugges­ting US crude invent­ories fell less than expect­edLONDON: Oil prices on Wednesday regained little ground lost in the previous session, weighed down by industry data suggesting US crude inventories fell less than expected. Crude inventories fell by 1.4 million barrels last week till July 12 to 460 million barrels, the American Petroleum Institute (API) said on Tuesday. The smaller-than-expected decline suggested production shut-ins caused by Hurricane Barry late last week had little impact on inventories. Gasoline stocks also fell, the API data showed, but less than expected, and distillate inventories rose more than forecast. The Bureau of Safety and Environmental Enforcement said 1.1 million barrels per day of oil, or 58% of the region’s total, and 1.4 billion cubic feet per day of natural gas output remained shut.

Source: The Express Tribune July 17, 2019 08:48 UTC