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25/05/2011 00:00 AST
Brent crude futures slipped below $112 a barrel on Wednesday after industry data showed U.S. crude inventories fell less than anticipated last week and the dollar rebounded against the euro.
The American Petroleum Institute (API) said crude inventories fell 860,000 barrels for the week ended May 20, compared with analysts' expectations for a 1.3 million-barrel draw.
Gasoline stocks rose 2.4 million barrels a week before the Memorial Day weekend, the official start of the summer driving season. Analysts had only expected a 300,000-barrel build.
"The inventory numbers are driving prices lower. The rise in gasoline stocks is significant coming just before Memorial Day. If the EIA numbers show a rise as well that will put more pressure on prices," said Michel Lo, a Hong Kong-based analyst with Nomura International.
As the U.S. driving season approaches, traders have been closely eyeing the steady drawdown of gasoline stockpiles.
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Guardian.co.uk
| Ticker | Price | Volume |
|---|
| (In US Dollar) | Change | Change(%) | |
|---|---|---|---|
| Brent | 60.8 | -0.11 | -0.18 |
| WTI | 57.33 | -0.12 | -0.21 |
| OPEC Basket | 61.12 | 0.09 | 0.15 |
08/01/2026
There were likely many motives behind America's capture and arrest of Venezuelan President Nicolas Maduro on Saturday, but one little-discussed factor could be the White House's concerns about the wa
Reuters
07/01/2026
The political upheaval in Venezuela has pushed one of the world's most underdeveloped oil provinces back into the spotlight. While oil prices themselves have remained restrained, equity markets have
Gulfnews
07/01/2026
China is a major customer of and investor in Venezuela's oil sector, which President Donald Trump aims to revive following the US military's ouster of President Nicolas Maduro ?on Saturday.
Gulf Times
06/01/2026
Oil prices opened the first full trading week of 2026 with a muted reaction to one of the most dramatic geopolitical events in recent history: the weekend US military operation in Venezuela that resu
Khaleej Times
05/01/2026
The eight Opec+ countries that previously announced additional voluntary adjustments in April and November 2023-namely Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman-reaff
Trade Arabia
Financial Information Co.
Saudi Arabia