Crude points weaker Thursday in Asia after EIA data

An Esso petrol station in Singapore’s Tanjong Katong area; taken October 2018.An Esso petrol station in Singapore’s Tanjong Katong area; taken October 2018.

Crude oil prices are weaker ahead of the Asian open on Thursday, with high U.S. stocks and production hitting sentiment.

ICE Brent crude oil was quoted down 0.28 percent at US$71.93 a barrel, while NYMEX WTI eased 1.00 percent to US$61.59 a barrel. Brent settled down 0.08 percent to US$72.07 a barrel on Wednesday. WTI ended at US$61.67 a barrel, down 0.87 percent.

Weekly crude oil inventories in the U.S. rose 5.8 million barrels, the Energy Information Administration said on Wednesday, with the official data more than double analyst expectations.

Gasoline inventories rose by 1.9 million barrels, confounding expectations for a drop of 2.3 million barrels. Distillates fell by 3.5 million barrels, more than the 2.6 million barrels decline expected.

In addition, crude production in the U.S. reached 11.6 million barrels per day (bpd), the EIA said in weekly estimates that are often revised. August data showed production at just over 11.3 million bpd.