Jakarta, Financeroll.com – Crude oil futures fell Wednesday as traders closed out long positions on concerns weekly U.S. government oil data would show another sizable increase in crude stockpiles, which are already at a 16-year high.
The federal Energy Information Administration will put out its Weekly Petroleum Status Report at 9:30 a.m. EDT. In separate data late Tuesday, the American Petroleum Institute industry group reported a hefty 6.9 million-barrel crude stockbuild, keeping sentiment cautious.
On the New York Mercantile Exchange, light sweet crude for delivery in May traded at $47.91 a barrel, down $1.24 or 2.5% in the Globex electronic session. Nymex crude Tuesday tumbled 3.7% to settle below the psychologically important $50-a-barrel mark amid renewed weakness in the financial markets. Oil prices on London's ICE Futures exchange lost ground as well, with May Brent crude down 89 cents at $50.33 a barrel.
On the New York Mercantile Exchange, light sweet crude for delivery in May traded at $47.91 a barrel, down $1.24 or 2.5% in the Globex electronic session. Nymex crude Tuesday tumbled 3.7% to settle below the psychologically important $50-a-barrel mark amid renewed weakness in the financial markets. Oil prices on London's ICE Futures exchange lost ground as well, with May Brent crude down 89 cents at $50.33 a barrel.
Written by denny yahya
