Increase in refined oil inventories, oil prices fell by nearly 2%

It is reported that oil prices fell nearly 2% on Wednesday, due to the US crude oil inventories last week, the boost brought about by the unexpected increase in gasoline stocks and distillate stocks than expected to offset the increase.

According to data released by the US Energy Information Association (EIA), as of the week of August 21, crude oil inventories fell by 5.5 million barrels, the largest weekly decline since early June. Reuters survey shows that analysts expect crude oil inventories to increase by 1 million barrels.

Gasoline inventories increased by 1.7 million barrels, which is estimated to reduce 1.3 million barrels. Distillate stocks increased by 1.4 million barrels, an increase of 1 million barrels.

"The increase in refined oil stocks has overshadowed Lido's reduction in crude oil inventories," said Scott Shelton, an ICAP commodity expert.

The US crude oil in recent months fell by US$0.71, or 1.8%, to US$38.60 per barrel.

The Brent crude oil contract for the near-month contract fell by $0.07 to $43.14 per barrel, which rose after the EIA data was released. ,

In recent months, gasoline ** fell for a third consecutive day, to a seven-month low, plunging 6%, and this week accumulated to fall by 12%. Gasoline cracking spread RB-CL1=R fell to the lowest in six months.

Since June, oil prices have accumulated about 33%, due to high US production, record oil production in China and concerns about the reduction of Asian countries' demand.

Some analysts believe that the decrease in crude oil inventories last week was a deviation due to a drop in imports. Many investors are preparing for a substantial increase in crude oil inventories in the next few months as US refineries will be shut down for seasonal maintenance.