29 August 2012 13:01 [Source: ICIS news]
SINGAPORE (ICIS)--Crude futures declined on Wednesday, with ICE Brent futures falling more than $1/bbl at one stage, following news of a larger than expected fall in US crude stocks and expectations that Hurricane Isaac will not cause significant damage to US Gulf oil and gas facilities.
At 11:39 GMT, October Brent crude on London’s ICE futures exchange was trading at $112.01/bbl, down by 57 cents/bbl from the previous close. Earlier, the North Sea benchmark fell to a session low of $111.50/bbl, down by $1.08/bbl.
October NYMEX light sweet crude futures (WTI) were trading at $95.54/bbl, down by 79 cents/bbl from the previous close. Earlier, the US benchmark fell to a session low of $95.44/bbl, down by 89 cents/bbl.
Hurricane Isaac made landfall in Louisiana late on Tuesday. Thus far no significant damage to oil and gas facilities in the US Gulf region has been reported.
The offshore fields in the US Gulf account for 23 percent of all crude oil output and 7 percent of all gas output in the US. Most oil and gas facilities in the region were shut-in prior to the arrival of Isaac as a precautionary measure.
Weekly US inventory data from the industry body the American Petroleum Institute (API) released late on Tuesday revealed an unexpected 5.5m bbl rise in US crude inventory levels. Analysts had expected US crude stocks to fall.
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