Crude oil mixed ahead of Asia open after U.S. inventory data

Petrol station in Singapore in the Geylang neighborhood; taken August 2018.Petrol station in Singapore’s Geylang neighborhood.

Crude oil supplies eased ahead of the Asian open on Thursday after a stronger-than-expected build in US crude oil stocks.

ICE Brent was quoted up 1.53 percent to US$86.10 a barrel, while NYMEX West Texas Intermediate was down 0.24 percent to US$76.23 a barrel. Brent crude oil futures settled up 1.76 percent to US$86.29 a barrel, while WTI rose 1.57 percent to US$76.41 a barrel.

U.S. crude oil inventories rose 7.975 million barrels last week, far more than the 1.98 million barrels build expected, the Energy Information Administration (EIA) said on Wednesday.

The EIA report also showed that gasoline inventories fell by 459,000 barrels, compared to an expected build of 1.316 million barrels, while distillates fell by by 1.750 million barrels, compared to forecasts for a decrease of 1.3 million barrels.

The EIA data came after industry group, the American Petroleum Institute, said Tuesday that U.S. crude oil stocks rose by 907,000 barrels last week, slightly lower than the 1.5 million barrel analysts expected.