Crude mixed ahead of Asia open Thursday after surprise US inventory build

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

Crude oil prices were mixed ahead of Asian trade on Thursday on a larger-than-expected build in U.S. inventories.

ICE Brent was quoted down 1.29 percent at US$80.36 a barrel, while NYMEX WTI was up 0.16 percent at US$69.87 a barrel. Brent settled down 1.67 percent at US$80.05 a barrel on Wednesday, while WTI slumped 3.02 percent to US$69.75 a barrel.

U.S. crude oil inventories rose by 6.5 million barrels in the week to 12 October, the Energy Information Administration said on Wednesday. compared with forecasts for a stockpile build of 1.6 million barrels and after a build of almost 6 million barrels in the previous week.

Gasoline inventories fell by 2.0 million barrels, compared with expectations for a draw of 1.07 million barrels, while distillate stockpiles dropped by 0.8 million barrels, compared with forecasts for a decrease of 1.3 million.

U.S. crude stocks fell 2.1 million barrels in the week to 12 October to 408.5 million, compared with an expected build of 2.2 million barrels, the American Petroleum Institute said on Tuesday. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.5 million barrels, the API said.

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