Gold Silver Reports (GSR) – Crude Oil on MCX settled down 2.22% at 4629 after data showed an unexpected build in U.S. crude stockpiles as imports increased and exports fell. Oil prices were also hampered by a reported increase in UAE output by about 85,000 barrels a day July.
While Saudi output rose to a near-record high of 10.65 million barrels a day last month. U.S. crude inventories rose 3.8 million barrels last week as imports jumped, the government’s Energy Information Administration said.
There were some bullish elements in the report, notably gasoline stocks declining by 2.5 million barrels. Also, crude stocks at the Cushing, Oklahoma, delivery hub for WTI futures were down, dropping by 1.3 million barrels, EIA data showed.
On Tuesday, the EIA reported that U.S. crude production fell 30,000 barrels per day to 10.44 million bpd in May. Nonetheless, the tough talk from Washington on trade with China has put pressure on oil prices. – Neal Bhai Reports
