Markets

Crude palm oil rises 0.45 pc in futures trade

Crude palm oil rises 0.45 pc in futures trade

That was a bit higher than the forecast for a decline of 3 million barrels from analysts surveyed by S&P Global Platts.

This week marks the last snapshot of inventory figures for USA crude oil to be taken prior to the OPEC meeting this Thursday in Vienna, a historical meeting that has analysts pitted at opposite sides in the will-they or won't-they drama and that has taxed traders as they attempt to predict the meeting's outcome.

Oil prices extended losses Wednesday as traders digested the newly-released US crude stockpile data. EIA data showed distillate stockpiles, which include diesel and heating oil, jumped by 2.7 million barrels, versus expectations for a 230,000-barrel increase.

US crude stocks fell last week, while gasoline stocks increased and distillate inventories rose, the Energy Information Administration said on Wednesday.

Pakistan capital tense as military silent on protests
Numerous supporters are from ultra-conservative Tehreek-e-Labaik party, who accuse Law Minister Zahid Hamid of blasphemy. The protesters blocked roads and demonstrated at the Numaish traffic intersection in the city's busy Saddar area.

Shortly after data release, the WTI benchmark was down 0.40 percent on the day to $57.88 at 4:37pm EST. Brent crude rose 31 cents to $63.92 a barrel. The American Petroleum Institute on Tuesday had reported an increase of 1.8 million barrels, according to sources.

Brent crude futures were up 35 cents on the day at $63.96 US a barrel late morning Wednesday, while USA light crude rose 23 cents to $58.22 USA a barrel.

Gasoline stocks rose 3.6 million barrels, compared with forecasts for a 1.2 million-barrel gain.


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