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Crude oil slips as inventories show a surprise build

Crude futures traded around $87.07 after a weekly inventory gain of 2.01 million barrels versus an estimated decline of 1.1 million.

Reported · Written up by our desk · Energy

Forexlive said weekly inventory data showed a surprise build in crude oil, with supplies rising 2.01 million barrels compared with an estimated draw of 1.052 million.

The same report also pointed to increases in other product stocks, with gasoline inventories up 0.765 million versus an estimated 1.5 million decline, and distillates adding 1.395 million versus an estimated 0.738 million increase.

While crude was up $2.70 on the day, the price was below the session high of $88.61, trading around $87.07 at the time of the update.

The outlet also noted that the contract was off the peak and highlighted support near the 50% midpoint of the move down from the May 18 high.

Latest closeWTI crude $87.52 ▲3.1%|Gasoline (RBOB) $3.293 ▼3.3%

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