WTI Crude Oil Prices Decline After EIA Reports Surprising Build in US Crude Inventories
WTI crude oil prices weakened early on Thursday following the release of the EIA report in the previous session which revealed an unexpected build in US crude inventories. At the time of writing, WTI crude oil is trading at around $57.84 per barrel.
According to the EIA report, crude stockpiles in the US rose 1.6 million barrels higher during the previous week, driven by US crude oil production touching a record high of 12.9 million bpd. The data went against the economists’ expectations for a decline by 418k barrels.
The EIA report was even more bearish about gasoline stocks, which rose by 5.1 million barrels during the previous week. Economists had forecast a more moderate build of 1.2 million barrels instead.
Crude oil prices experienced some support from reports that Libyan forces had attacked and driven away rival factions from the El Feel oilfield. However, the air strikes led to disruption in supply from the oilfield which has a capacity of 70,000 bpd.
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