Oil prices slip on rising U.S. crude inventories

News

Today's news
US
Politics
World
Tech
- Reviews and deals
- Audio
- Computing
- Gaming
- Health
- Home
- Phones
- Science
- TVs
Climate change
Health
Science
2024 election
Originals
- The 360
Newsletters

Life

Health
- COVID-19
- Fall allergies
- Health news
- Mental health
- Relax
- Sexual health
- Studies
- The Unwind
Parenting
- Family health
- So mini ways
Style and beauty
- It Figures
- Unapologetically
Horoscopes
Shopping
- Buying guides
Food
Travel
Autos
Gift ideas
Buying guides

Entertainment

Celebrity
TV
Movies
Music
How to Watch
Interviews
Videos

Finance

My Portfolio
News
- Latest News
- Stock Market
- Originals
- The Morning Brief
- Premium News
- Economics
- Housing
- Earnings
- Tech
- Crypto
- Biden Economy
Markets
- Stocks: Most Actives
- Stocks: Gainers
- Stocks: Losers
- Trending Tickers
- Futures
- World Indices
- US Treasury Bonds Rates
- Currencies
- Crypto
- Top ETFs
- Top Mutual Funds
- Options: Highest Open Interest
- Options: Highest Implied Volatility
- Sectors
- Basic Materials
- Communication Services
- Consumer Cyclical
- Consumer Defensive
- Energy
- Financial Services
- Healthcare
- Industrials
- Real Estate
- Technology
- Utilities
Research
- Screeners
- Watchlists
- Calendar
- Stock Comparison
- Advanced Chart
- Currency Converter
- Investment Ideas
- Research Reports
Personal Finance
- Credit Cards
- Balance Transfer Cards
- Cash-back Cards
- Rewards Cards
- Travel Cards
- Credit Card Offers
- Banking
- CD Rates
- Best HYSA
- Best Free Checking
- Student Loans
- Personal Loans
- Insurance
- Car insurance
- Mortgages
- Mortgage Refinancing
- Mortgage Calculator
- Taxes
Videos
- Latest News
- Editor's Picks
- Investing Insights
- Trending Stocks
- All Shows
- Morning Brief
- Opening Bid
- Wealth
- ETF Report

Sports

Fantasy
- News
- Fantasy football
- Best Ball
- Pro Pick 'Em
- College Pick 'Em
- Fantasy baseball
- Fantasy hockey
- Fantasy basketball
- Download the app
Daily fantasy
NFL
- News
- Scores and schedules
- Standings
- Stats
- Teams
- Players
- Drafts
- Injuries
- Odds
- Super Bowl
- GameChannel
- Videos
MLB
- News
- Scores and schedules
- Standings
- Stats
- Teams
- Players
- Odds
- Videos
- World Baseball Classic
NBA
- News
- Draft
- Scores and schedules
- Standings
- Stats
- Teams
- Players
- Injuries
- Videos
- Odds
- Playoffs
NHL
- News
- Scores and schedules
- Standings
- Stats
- Teams
- Players
- Odds
- Playoffs
Soccer
- News
- Scores and schedules
- Premier League
- MLS
- NWSL
- Liga MX
- CONCACAF League
- Champions League
- La Liga
- Serie A
- Bundesliga
- Ligue 1
- World Cup
College football
- News
- Scores and schedules
- Standings
- Rankings
- Stats
- Teams
- MMA
- WNBA
- Sportsbook
- NCAAF
- Tennis
- Golf
- NASCAR
- NCAAB
- NCAAW
- Boxing
- USFL
- Cycling
- Motorsports
- Olympics
- Horse racing
- GameChannel
- Rivals
- Newsletters
- Podcasts
- Videos
- RSS
- Jobs
- Help
- World Cup
- More news

New on Yahoo

Creators
Games
Tech

Terms
Privacy
Your Privacy Choices
Feedback

USEnglish
US y LATAMEspañol
AustraliaEnglish
CanadaEnglish
CanadaFrançais
DeutschlandDeutsch
FranceFrançais
香港繁中
MalaysiaEnglish
New ZealandEnglish
SingaporeEnglish
台灣繁中
UKEnglish

News
Finance
Sports
- News
  - Today's news
  - US
  - Politics
  - World
  - Weather
  - Climate change
  - Health
  - Science
  - 2024 election
  - Originals
  - Newsletters
- Life
  - Health
  - Parenting
  - Style and beauty
  - Horoscopes
  - Shopping
  - Food
  - Travel
  - Autos
  - Gift ideas
  - Buying guides
- Entertainment
  - Celebrity
  - TV
  - Movies
  - Music
  - How to watch
  - Interviews
  - Videos
- Finance
  - My portfolio
  - Watchlists
  - Markets
  - News
  - Videos
  - Screeners
  - Personal finance
  - Crypto
  - Industries
- Sports
  - Fantasy
  - NFL
  - NBA
  - MLB
  - NHL
  - College football
  - College basketball
  - Soccer
  - MMA
  - Yahoo Sports AM
- - New on Yahoo
    - Creators
    - Games
    - Tech
  - Selected edition

My Portfolio
News
- Latest News
- Stock Market
- Originals
- The Morning Brief
- Premium News
- Economics
- Housing
- Earnings
- Tech
- Crypto
- Biden Economy
Markets
- Stocks: Most Actives
- Stocks: Gainers
- Stocks: Losers
- Trending Tickers
- Futures
- World Indices
- US Treasury Bonds Rates
- Currencies
- Crypto
- Top ETFs
- Top Mutual Funds
- Options: Highest Open Interest
- Options: Highest Implied Volatility
- Sectors
- Basic Materials
- Communication Services
- Consumer Cyclical
- Consumer Defensive
- Energy
- Financial Services
- Healthcare
- Industrials
- Real Estate
- Technology
- Utilities
Research
- Screeners
- Watchlists
- Calendar
- Stock Comparison
- Advanced Chart
- Currency Converter
- Investment Ideas
- Research Reports
Personal Finance
- Credit Cards
- Balance Transfer Cards
- Cash-back Cards
- Rewards Cards
- Travel Cards
- Credit Card Offers
- Banking
- CD Rates
- Best HYSA
- Best Free Checking
- Student Loans
- Personal Loans
- Insurance
- Car insurance
- Mortgages
- Mortgage Refinancing
- Mortgage Calculator
- Taxes
Videos
- Latest News
- Editor's Picks
- Investing Insights
- Trending Stocks
- All Shows
- Morning Brief
- Opening Bid
- Wealth
- ETF Report

Upgrade to Premium Oil prices slip on rising U.S. crude inventories FILE PHOTO: Oil pump jacks at Vaca Muerta in Argentina · Reuters Laila Kearney Tue, Oct 22, 2024, 7:51 PM 2 min read

By Laila Kearney

(Reuters) – Oil prices edged down on Wednesday after industry data showed U.S. crude inventories had swelled more than expected, while the market kept watch on diplomatic efforts in the Middle East as Israel continued attacks on Gaza and Lebanon.

Brent crude futures dipped 31 cents, or 0.4%, to $75.73 a barrel by 0011 GMT. U.S. West Texas Intermediate crude futures shed 32 cents, or 0.5%, to $71.42 per barrel.

Crude futures settled higher in the two previous sessions this week.

"With oil prices swinging from oversold to overbought territory within short time frames, maintaining a position in either side of the market can prove challenging," Jim Ritterbusch, of Ritterbusch and Associates in Florida, said in a note.

U.S. crude stocks rose 1.64 million barrels last week, according to market sources, citing American Petroleum Institute figures on Tuesday, weighing on prices. Analysts polled by Reuters expected a 300,000-barrel increase in crude stocks.

Gasoline and distillate fuel, meanwhile, fell by a combined 3.5 million barrels.

Official U.S. government oil inventory data is due on Wednesday at 10:30 A.M. EDT (1430 GMT).

In the Middle East, U.S. Secretary of State held "extended conversations" with Israeli Prime Minister Benjamin Netanyahu and senior Israeli leaders, urging them to get more humanitarian aid into Gaza, a senior State Department official said.

Israel on Tuesday also confirmed it had killed Hashem Safieddine, the heir apparent to late Hezbollah leader Hassan Nasrallah who was killed last month in an Israeli attack targeting the Iran-backed Lebanese militant group.

Goldman Sachs on Tuesday said it expects oil prices to average $76 a barrel in 2025 based on a moderate crude surplus and spare capacity among producers in OPEC+, which groups the Organization of the Petroleum Exporting Countries and allies led by Russia.

Oil found some support on signs of a recovery in oil demand from China, the world's biggest importer of crude, from efforts by Beijing to stimulate the country's economy. Some analysts recently raised expectations for oil demand.

(Reporting by Laila Kearney in New York; Editing by Sonali Paul)

Terms and Privacy Policy Your Privacy Choices