Oil prices down in Asian trade af­ter en­ergy re­port

The China Post - - BUSINESS INDEX & -

Oil prices moved lower in Asia Thurs­day fol­low­ing a mixed U.S. en­ergy re­port that showed a huge decline in crude and gaso­line re­serves but record- high out­put lev­els, an­a­lysts said.

U.S. bench­mark West Texas In­ter­me­di­ate fell 28 cents to US$61.15 while Brent eased 18 cents to US$65.52 in af­ter­noon trade.

The U.S. Depart­ment of En­ergy’s in­ven­tory re­port for the week to June 5 showed Wed­nes­day that crude re­serves fell 6.8 mil­lion bar­rels and gaso­line sup­plies dropped 2.9 mil­lion bar­rels.

But out­put re­mained stub­bornly high, adding 24,000 bar­rels to an av­er­age 9.61 mil­lion a day dur­ing the week, the high­est on record.

“Prices saw an up­ward

lift ear­lier be­cause of the in­ven­tory num­bers but we haven’t re­ally seen re­sis­tance lev­els bro­ken through now be­cause the pro­duc­tion num­bers are a con­cern,” Ric Spooner, chief mar­ket an­a­lyst at CMC Mar­kets in Syd­ney, told AFP.

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