On Wednesday, crude prices were mixed in Asia, as industry data on American inventories put a dampener on recent positive sentiment related to global output cuts.
In London, Brent crude futures rallied 0.16%, hitting $55.29 a barrel, while in New York, American crude futures sank 0.36%, being worth $52.99 a barrel.
Late on Tuesday figures revealed that American crude stocks grew 2.9 million barrels at the end of the previous week, more than expected. API reported that gasoline stocks added 4.8 million barrels, while distillate supplies soared 2.0 million barrels with supplies at the Cushing, Oklahoma, crude hub down 100,000 barrels at the end of last week.
This week, crude prices have mostly held revenues on widespread agreement a coordinated pact between OPEC as well as non-OPEC nations to trim about 1.8 million barrels-per-day from global output is working and dips in the dollar index to seven-week minimums, which benefit buyers in currencies other than the US dollar.
