Crude oil benchmarks started losing in price again, after API reported a rise in U.S. gasoline stockpiles.
February Brent futures were 26 cents or 0.41 % down, at 62.6 on Wednesday morning. At the end of London ICE Futures trading session on Tuesday evening, the contracts price went up by 0.41 cent or 0.66 %, to $62.86 a barrel.
January WTI futures were 25 cents or 0.43% down, at 57.37 on Wednesday morning. The contract price went up by 15 cents or 0.26%, to $57.62 a barrel at the end of NYMEX trading session on Tuesday evening.
“Traders continue to monitor the situation in the oil sector following the extension OPEC+ agreement to limit oil production – Fat Prophets analyst in Sydney, David Lennox. The market is also watching how well OPEC+ fulfill the agreement. If countries adhere to the agreed production quotas, oil prices will rise”.
American petroleum Institute (API) reported on Tuesday that gasoline inventories in the U.S. have risen for the first time in four weeks. Last week they rose by 9.2 million barrels. Official data will be released on Wednesday evening.