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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 | 60.55 | 0.84 | 1.41 |
| WTI | 56.56 | 0.5 | 0.89 |
| OPEC Basket | 60.06 | 0.5 | 0.84 |
25/12/2025
Oil prices witnessed slight gains on Wednesday, extending the advances made in the previous session, supported by strong economic growth in the United States and concerns over potential supply disrup
QNA
19/12/2025
Oil prices rose slightly on Thursday as investors assessed the likelihood of further US sanctions against Russia and the supply risks posed by a blockade of Venezuelan oil tankers.
Brent cru
Asharq Al Awsat
10/12/2025
Oil prices edged down on Tuesday, extending losses from the 2% drop in the previous session, with markets keeping a close eye on peace talks to end Russia's war in Ukraine and a looming decision on U
Asharq Al Awsat
03/12/2025
OPEC+ members will undergo an annual assessment of their oil production capacity starting next year for use in 2027, OPEC+ sources said, to ensure that the group sets output quotas that are more clos
Reuters
01/12/2025
Ministers of the Organization of the Petroleum Exporting Countries and allied nations (OPEC+) are expected to keep current output levels unchanged when they meet for online meetings on Sunday, analys
Khaleej Times
Financial Information Co.
Saudi Arabia