Oil prices down in Asian trade after energy report
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.