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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 | 66.88 | 0.57 | 1.39 |
| WTI | 62.59 | 0.35 | 2.52 |
| OPEC Basket | 71.94 | 0.96 | 1.35 |
18/09/2025
The Organization of the Petroleum Exporting Countries (OPEC) said its repeated calls for greater investment in the oil sector have been vindicated, responding to a new report by the International Ene
Asharq Al Awsat
12/09/2025
The Organisation of the Petroleum Exporting Countries left its oil-demand forecasts unchanged after agreeing to raise production again next month, doubling down on its strategy shift in a push for ma
Khaleej Times
09/09/2025
Oil prices climbed in early trade on Monday, trimming some of last week's losses, after OPEC+ agreed to slow the pace of output increases from October amid expectations of weaker global demand.
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QNA
08/09/2025
Eight major OPEC+ members have agreed to raise oil production again, a move analysts say is aimed at grabbing more market share, even if it risks lower prices.
The V8 group - Saudi Arabia, R
AFP
05/09/2025
Oil prices eased about 1 per cent to a two-week low on Thursday on a surprise build in US crude inventories last week and expectations that Opec+ producers will increase output targets at a meeting t
Reuters
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