Oil prices edge lower on rising US stockpiles
==========

Oil prices fell in early Asian trading hours on Wednesday after market sources said that data from the American Petroleum Institute showed an increase in U.S. crude and fuel stockpiles, an indicator of weak demand. Brent crude oil futures fell 21 cents, or 0.3%, to $82.95 a barrel. U.S. West Texas Intermediate crude futures fell 13 cents, or 0.2%, to $78.25 a barrel. U.S. crude stocks rose by 509,000 barrels in the week ended May 3. Gasoline and distillate fuel inventories also rose. Official U.S. government data on stockpiles is due at 1430 GMT. Both benchmarks fell marginally in the previous session on signs of easing supply tightness. The EIA updated its forecasts for 2024 and now expects world oil and liquids output to grow more this year than earlier projections, and demand to grow less than it previously thought. Hopes of a ceasefire in Gaza have also put pressure on oil prices in recent sessions. The U.S. believes negotiations on a Gaza ceasefire should be able to close the gaps between Israel and Hamas. U.S. Central Intelligence Agency Director Bill Burns will travel to Israel on Wednesday for talks with the Israeli Prime Minister Benjamin Netanyahu and other top officials. Also weighing on oil, the U.S. dollar edged higher on Wednesday. A stronger greenback dampens oil demand by making it more expensive for investors holding other currencies.

#OilPrices #UsStockpiles #CrudeOil #FuelStockpiles #Demand #BrentCrudeOil #WestTexasIntermediateCrude #Gasoline #DistillateFuel #Eia #GazaCeasefire #Israel #Hamas #UsDollar

https://www.investing.com/news/commodities-news/oil-prices-edge-lower-on-rising-us-stockpiles-3426800