Brent and NYMEX descend in Asia on American stockpiles build
On Thursday, oil prices held weaker during Asia trade, with inventory levels in America backing bearish views and traders waiting for detailed moves by president-elect Donald Trump on energy policy.
In New York, December delivery crude futures sagged 0.53%, being worth $45.03 per barrel. Moreover, in London, January delivery Brent crude futures dipped 0.71%, trading at $46.23 a barrel.
Overnight, crude prices sank during North American hours, following data, showing that crude supplies added the second straight week.
The US Energy Information Administration told in its weekly report that crude inventories gained by approximately 2.4 million barrels by November 4. Market experts hoped for a crude-stock revenue of 1.3 million barrels, while late on Tuesday, the American Petroleum Institute reported a supply surged of about 4.4 million barrels.
Supplies at Cushing, Oklahoma, the major delivery point for Nymex crude, added by 28,000 barrels the previous week.