Crude oil prices drop in Asia after API estimates, EIA data awaited.
Oil prices fell in Asia as U.S. industry estimates showed a bearish and unexpected build in crude inventories and investor awaited official figures. API reported a more-than-expected 3.097 million barrels at the end of last week, while gasoline inventories fell by 1.575 million barrels and distillates gained 2.029 million barrels. In its monthly report, the Organization of the Petroleum Exporting Countries (Opec) indicated that market rebalancing will continue amid forecasts that global oil demand will rise by around 30,000 barrels a day for this year and 2018.The upbeat forecast for oil demand growth, however, was offset by a rise in Opec production by 90,000 barrels a day, fuelling concerns that Opec compliance with the deal to curb output is starting to wane.
Source : Investing
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