Oil Falls, Weighed by Unexpected Increase in U.S. Crude Inventories
0019 GMT — Oil falls in the early Asian session, weighed by an unexpected increase in U.S. crude inventories. Data released Wednesday by the EIA showed commercial crude oil stocks excluding the Strategic Petroleum Reserve rose by 1.3 million barrels in the week ended May 16. Analysts surveyed by The Wall Street Journal had predicted an 800,000 barrel decline. Sentiment hasn't been helped by the EIA data, ANZ Research analysts say in a research report. There's also a risk-off tone sparked by weak U.S. Treasurys' auction, the analysts add. Front-month WTI crude oil futures are 0.5% lower at $61.25/bbl; front-month Brent crude oil futures are 0.5% lower at $64.56/bbl. (ronnie.harui@wsj.com)
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
14 minutes ago
- Yahoo
Drug maker Indivior to abandon London stock market for the US
Drug maker Indivior has announced plans to delist its shares from the London Stock Exchange (LSE), marking the latest company to abandon the UK market for the US. However, the LSE welcomes Anglo-American's platinum spin-off Valterra after becoming independent from the mining giant. Indivior's exit comes after the company moved its primary listing to the US's Nasdaq index last year. It said cancelling the secondary listing in London eliminates 'cost and complexity' and better reflects the business – with more than 80% of its revenues generated in the US. It also said liquidity on the Nasdaq now 'far outweighs' that of the LSE with a greater level of trading. The US-based pharmaceutical firm makes prescription medicines to treat opioid addiction, and has a market capitalisation of £1.2 billion. 'A single primary listing on Nasdaq best reflects the profile of Indivior's business,' chairman David Wheadon said. 'We appreciate the support received from shareholders for this initiative and look forward to capitalising on the expected benefits of this move, including reductions in cost and complexity.' The LSE faced the largest exodus of companies since the global financial crisis in 2024, according to EY analysis. There were 88 companies to delist or transfer their primary listing from the main market – the most since 2009. At the same time, the LSE struggled to attract as many new companies to fill the gaps – with 18 new listings in total last year. Nevertheless, Indivior's exit, which will take effect from July 25, comes as Valterra Platinum makes its debut on the London market. Anglo American spun off its platinum business into the new entity, which has become the world's most valuable producer of the metal. Valterra will have its secondary listing on the LSE, with its primary on the Johannesburg Stock Exchange. Duncan Wanblad, Anglo American's chief executive, said: 'Valterra Platinum has been a major part of the company for many years but now is the right time for it to optimise its value creation prospects on an independent path – it's an outstanding business and team and I have every confidence that Valterra Platinum will thrive as a leader in the global platinum group metals industry.' Sign in to access your portfolio
Yahoo
15 minutes ago
- Yahoo
Oil Advances as OPEC+ Supply Boost Vies With Geopolitical Risk
(Bloomberg) -- Oil advanced as OPEC+ hiked production less than some had feared and geopolitical concerns flared over Ukraine and Iran. Billionaire Steve Cohen Wants NY to Expand Taxpayer-Backed Ferry Where the Wild Children's Museums Are The Economic Benefits of Paying Workers to Move Now With Colorful Blocks, Tirana's Pyramid Represents a Changing Albania NYC Congestion Toll Brings In $216 Million in First Four Months Brent crude for August rose toward $65 a barrel after losing 2.2% last week, while West Texas Intermediate was above $62. The Organization of the Petroleum Exporting Countries and its allies agreed on Saturday to add 411,000 barrels a day of supply in July, matching expectations, but defying reports late last week that the group was considering an even bigger volume. Meanwhile, Ukraine struck air bases deep in Russia and Iran criticized a report showing its growing stockpiles of enriched uranium, in escalations that reduce the chance of more supply from the sanctioned OPEC+ members entering the market. Trade frictions also remained in focus, after President Donald Trump said he would be increasing tariffs on steel and aluminum. Monday's move higher comes after a turbulent two months that saw prices tumble to a four-year low in the wake of Trump's tariff wars, before recuperating some of those losses. Crude remains almost 15% lower this year, pressured by the simmering trade conflicts and the abandoning by OPEC+ of its former strategy of defending higher prices by curbing output. OPEC+ officials said the quota boost reflected Saudi Arabia's desire to punish over-producing members such as Kazakhstan and Iraq. Some members — including Russia, Algeria and Oman — had wanted a pause. The group next meets on July 6 to discuss output levels for August. 'Brent should be well supported in the middle of our expected $60-$65 summer range until we get a better understanding of how quickly actual OPEC production is rising,' said Robert Rennie, head of commodity and carbon research at Westpac Banking Corp. in Sydney. 'We may be seeing signs that the pace of increase could slow in the coming months' as some members had wanted a lull in the quota hikes. YouTube Is Swallowing TV Whole, and It's Coming for the Sitcom Millions of Americans Are Obsessed With This Japanese Barbecue Sauce Mark Zuckerberg Loves MAGA Now. Will MAGA Ever Love Him Back? Will Small Business Owners Knock Down Trump's Mighty Tariffs? Trump Considers Deporting Migrants to Rwanda After the UK Decides Not To ©2025 Bloomberg L.P. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Forbes
18 minutes ago
- Forbes
China Accuses US Of Violating Trade Pact—Rejects Trump's Allegation
Chinese authorities on Monday accused the U.S. of violating a recent trade pact that both agreed to in Geneva last month, as they dismissed President Donald Trump's allegation about Beijing breaching the agreement, a move that could signal a further escalation in trade tensions between the two countries, which could potentially jeopardize last month's tariff truce. China's Commerce Ministry accused the U.S. of violating a trade deal agreed in Geneva by imposing ... More additional chip restrictions and canceling Chinese student visas. In a press briefing, a Chinese Commerce Ministry spokesperson dismissed Trump's comments accusing China of violating the agreement, saying Beijing has worked 'to strictly implement and actively safeguard the Geneva deal.' The spokesperson noted that China had acted in accordance with the deal to cancel or suspend 'relevant tariffs and non-tariff measures' it had taken as retaliation against the U.S. government's reciprocal tariffs. The spokesperson then accused the U.S. of introducing ' a number of discriminatory restrictive measures against China' after the talks, citing expanded export controls on AI chips and other chip-building technology. The official also criticized the U.S. government's crackdown on Chinese student visas, saying these actions violated the consensus reached between Trump and Chinese President Xi Jinping in a phone call on January 17. The spokesperson then warned that if the U.S. continues to take actions that damage China, Beijing will 'take resolute and forceful measures to safeguard its legitimate rights and interests.' In a post on his Truth Social platform on Friday, Trump said: 'China, perhaps not surprisingly to some, HAS TOTALLY VIOLATED ITS AGREEMENT WITH US,' without specifying how it had done so. The president then signalled that the U.S. may retaliate against this alleged non-compliance, saying: 'So much for being Mr. NICE GUY!' In his post, the president claimed his tariffs had put China in 'grave economic danger' and he made a 'FAST DEAL' in Geneva, 'in order to save them from what I thought was going to be a very bad situation.'
