Oil Prices Fall on Unexpected Rise in U.S. Crude Stockpiles By Investing.com

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Investing.com – Oil prices fell on Wednesday in Asia following an unexpected rise in U.S. crude stockpiles.

U.S. fell 0.6% to $61.40 by 12:06 AM ET (04:06 GMT). International were down 0.3% to $71.04.

The American Petroleum Institute (API) reported an unexpected build in crude oil inventory of 8.6 million barrels for the week ending May 10. Energy traders had expected a drawdown of 2.12 million barrels.

The inventory data largely overshadowed news of a drone attack at oil pumping stations in Saudi Arabia, which sent oil prices higher the previous day.

Unidentified drones attacked two pumping stations belonging to Saudi Aramco, the state oil company of Saudi Arabia, forcing it to suspend some operations to assess the damage, the government in Riyadh announced Tuesday.

The attacks were reported following Monday’s announcement that two Saudi oil tankers were hit and substantially damaged while heading toward the Strait of Hormuz, the world’s most important chokepoint for oil shipments. The United Arab Emirates added to Monday’s tensions by saying four of its own tankers in the Persian Gulf had been targeted at the weekend.

Meanwhile, U.S.-China trade tension remained in focus as U.S. President Donald Trump said he believed China was still keen to do a trade deal with the U.S.

Trump then added that he expects a “very fruitful meeting” at the G20 next month with his Chinese counterpart Xi Jinping.

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