US crude prices down by $1/bbl on unexpected stockpiles rise

21 June 2012 04:16  [Source: ICIS news]

SINGAPORE (ICIS)--US crude futures fell by more than $1/bbl in early Asian trade on Thursday after a report showed an unexpected rise in US crude inventories last week and the absence of new monetary stimulus measures following a Federal Reserve policy meeting.

US crude inventories rose by 2.86m bbl last week to 387m bbl, the highest level in 22 years, compared with forecasts for a 1.1m bbl decline, according to a report by the US Energy Information Administration.

At 02:48 GMT, August NYMEX light sweet crude futures (WTI) were trading at $80.39/bbl, down $1.06/bbl from the previous settlement. Earlier, the US benchmark fell to a session low of $80.21/bbl, down by $1.24/bbl.

Meanwhile, August Brent crude on London’s ICE futures exchange was trading at $92.16/bbl, down by 53 cents from the previous close. Earlier, the North Sea benchmark fell to a session low of $92.04/bbl, down by 65 cents.

By: Nurluqman Suratman

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly