NEW YORK, July 17 (Xinhua) -- Oil prices extended losses on Wednesday after data showed U.S. petroleum product stocks climbed.
The West Texas Intermediate for August delivery fell 0.84 U.S. dollar to settle at 56.78 dollars a barrel on the New York Mercantile Exchange, while Brent crude for September delivery dropped 0.69 dollar to close at 63.66 dollars a barrel on the London ICE Futures Exchange.
According to the Weekly Petroleum Status Report released by the U.S. Energy Information Administration on Wednesday, U.S. crude oil inventories decreased by 3.1 million barrels in the week ending July 12 to 455.9 million barrels, about 4 percent above the five-year average for this time of year.
However, product inventories climbed significantly. Total motor gasoline inventories increased by 3.6 million barrels last week and distillate fuel inventories increased by 5.7 million barrels, showed the report.
Analysts polled by S&P Global Platts had expected a supply decline of 1.5 million barrels for gasoline and an increase of 300,000 barrels for distillates.
Oil prices also lost some support amid signs of potential progress toward negotiations between Washington and Tehran.
Ties between the United States and Iran have deteriorated significantly after Washington walked away unilaterally from the landmark nuclear pact in May 2018 and reimposed energy and financial sanctions, which had been removed under the deal, on Iran.
U.S. Secretary of State Mike Pompeo said Tuesday that Iran is ready to enter negotiations over its missile program, easing concerns over possible disruptions of oil flow in the Middle East. Enditem
Latest comments