Oil prices extended their losses overnight after API surprised with notable builds in crude and gasoline (and at Cushing) – sending WTI to a $51 handle – and not helped as US-China tensions show no sign of abatement.
“U.S. crude stocks have been rising almost uninterrupted since mid-March,” said Bjarne Schieldrop, Oslo-based chief commodities analyst at SEB AB.
Crude +4.85mm (-1.0mm exp)
Cushing +2.4mm (+1.97mm exp)
Gasoline +830k (+700k exp)
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