Commodity Blog

Commodity news, technical and fundamental analysis, market data on precious metals, energies, industrial metals, and soft commodities


WTI Oil Gains as API Shows Decline of US Reserves, Brent Falls

January 6, 2016 at 5:10 by Vladimir Vyun

The West Texas Intermediate grade of crude oil gained during the Asian trading session on Wednesday as a report from the American Petroleum Institute showed a drop of US inventories. The stockpiles shrank by 5.6 million barrels last week. Meanwhile, Cushing stocks expanded by 1.4 million. Now, traders wait for government data from the Energy Information Administration. It is expected to show a small build-up by 0.7 million barrels.

At the same time, prices for Brent crude declined. The conflict between Iran and Saudi Arabia as well as poor economic data from China contributed to the drop of prices.

Futures for delivery of WTI crude oil in February gained 0.36 percent to $36.1 per barrel as of 5:05 GMT on NYMEX today. Contract for Brent oil sank 1.85 percent to $36.53 per barrel on ICE.

If you have any questions and comments on the commodities today, use the form below to reply.

Leave a Reply