Singapore, 23 September (Argus) — Crude futures weakened in today's after-hours trade, paring yesterday's price gains after American Petroleum Institute (API) data showed an increase in US crude stocks.
At 07:15 GMT, the front-month Nymex November WTI crude contract was at $71.35/bl, lower by 41¢/bl from its close yesterday when the contract ended $1.83/bl higher. The October contract expired yesterday, settling $1.84/bl higher at $71.55/bl.
The Ice November Brent crude futures contract fell by 48¢/bl to $70.05/bl.
Nymex October heating oil fell by 1.01¢/USG to $1.8020/USG, while Nymex October RBOB gasoline fell by 1.66¢/USG to $1.7650/USG.
The API weekly data released yesterday showed a rise of 300,000 bl in crude stocks, a surprise to the market as most traders expected a decline. The API stockbuild revived fears that US oil demand was still proving slow to recover. US EIA stocks data will be out tomorrow.
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