COMMODITY
Crude oil futures end lower on Wednesday
Jun-20-2019

Crude oil futures ended marginally lower on Wednesday giving up the gains they saw in the immediate wake of US government figures that revealed a larger-than-expected drawdown in crude stockpiles. The Energy Information Administration (EIA) reported that US crude supplies fell by 3.1 million barrels for the week ended June 14. Analysts polled by S&P Global Platts expected a decline of 2 million barrels in crude inventories, on average. The American Petroleum Institute on Tuesday reported an 812,000-barrel fall. The EIA data also showed that gasoline inventories were down 1.7 million barrels, while distillate stockpiles edged lower by 600,000 barrels last week.

Benchmark crude oil futures for July declined 14 cents or 0.3 percent to settle at $53.76 a barrel on the New York Mercantile Exchange. August Brent fell 32 cents or 0.5 percent to settle at $61.82 a barrel on London's Intercontinental Exchange.

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