Oil prices slid on Thursday; unexpected US Inventories

Oil prices slid on Thursday after data showed an unexpected rise in U.S. inventories.

  • U.S. Crude Oil WTI Futures slid 0.3% to $59.23.
  • International Brent Oil Futures were down 0.2% to $67.13.

The U.S. Energy Information Administration (EIA) reported that U.S. crude stocks increased by 2.8 million barrels last week. Markets previously expected a decrease of 1.2 million barrels. The EIA also reported that gasoline inventories fell by 2.88 million barrels, compared with expectations for a draw of 2.78 million barrels.

“We remain positive in further moderate recovery in oil prices given possible trade agreement between US and China which would support recovery in global economic growth in 2H19,” ICBC International Research Limited said in a note.

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