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Home > Oil inches down after API data
Investing.com - Oil futures nudged lower in Asian trading Wednesday following the release of weekly inventory data from the American Petroleum Institute as traders turned their heads to the end of the Federal Reserve’s two-day meeting later Wednesday. 
On the New York Mercantile Exchange, light, sweet crude futures for August delivery inched down 0.01% to USD98.67 per barrel in Asian trading Wednesday after settling up 0.37% at USD98.40 a barrel on Tuesday in the U.S. Crude continues to flirt with its highest levels of 2013 as well as nine-month highs. 
After the close of U.S. markets Tuesday, the American Petroleum Institute said U.S. oil inventories dropped by 4.3 million barrels for the week ended June 14. Analysts expected a decline of 1 million barrels. 
Gasoline inventories rose by 900,000 barrels, but distillate stockpiles fell by 600,000 barrels. Analysts expected an increase of 1.2 million barrels in gasoline inventories and an increase of 300,000 barrels in distillate supplies. 
The more widely followed inventories report from the U.S. Energy Department will be released later Wednesday. 
Crude got a small lift on Tuesday from some decent U.S. data points. In U.S. economic news out Tuesday, the Labor Department said the U.S. consumer price index rose 0.1% last month after falling 0.4% in April. Economists expected a 0.2% increase. Excluding food and energy prices, the index was up 0.2% as expected. 
The Commerce Department said housing starts rose 6.8% in May to a 914,000 annualized rate from a revised 856,000 in April. Applications for single-family homes jumped to 622,000, the highest level in more than five years. The U.S. is the world’s largest oil consumer. 
Elsewhere, Brent for August delivery inched up 0.07% to USD106.08 per barrel on the ICE Futures Exchange.

Investing.com - Oil futures nudged lower in Asian trading Wednesday following the release of weekly inventory data from the American Petroleum Institute as traders turned their heads to the end of the Federal Reserve’s two-day meeting later Wednesday. 

 

On the New York Mercantile Exchange, light, sweet crude futures for August delivery inched down 0.01% to USD98.67 per barrel in Asian trading Wednesday after settling up 0.37% at USD98.40 a barrel on Tuesday in the U.S. Crude continues to flirt with its highest levels of 2013 as well as nine-month highs. 

 

After the close of U.S. markets Tuesday, the American Petroleum Institute said U.S. oil inventories dropped by 4.3 million barrels for the week ended June 14. Analysts expected a decline of 1 million barrels. 

 

Gasoline inventories rose by 900,000 barrels, but distillate stockpiles fell by 600,000 barrels. Analysts expected an increase of 1.2 million barrels in gasoline inventories and an increase of 300,000 barrels in distillate supplies. 

 

The more widely followed inventories report from the U.S. Energy Department will be released later Wednesday. 

 

Crude got a small lift on Tuesday from some decent U.S. data points. In U.S. economic news out Tuesday, the Labor Department said the U.S. consumer price index rose 0.1% last month after falling 0.4% in April. Economists expected a 0.2% increase. Excluding food and energy prices, the index was up 0.2% as expected. 

 

The Commerce Department said housing starts rose 6.8% in May to a 914,000 annualized rate from a revised 856,000 in April. Applications for single-family homes jumped to 622,000, the highest level in more than five years. The U.S. is the world’s largest oil consumer. 

 

Elsewhere, Brent for August delivery inched up 0.07% to USD106.08 per barrel on the ICE Futures Exchange.