Crude prices dip after steep rise in American stockpiles

a-9On Thursday, crude prices dipped after official data demonstrated American crude as well as gasoline stockpiles grew steeply, though signs that OPEC and other crude producers, holding the line on output cuts are helping support prices.

Brent crude futures sank 0.5%, hitting $56.52 a barrel, having settled up $1.22 in the previous session.

Front month futures for West Texas Intermediate slid 0.6%, getting to $53.55, having climbed $1.07 at the day before.

American crude stocks surged the previous week by an unexpected 6.5 million barrels to about 494.76 million barrels, as the Energy Information Administration revealed on Wednesday. It’s because refiners enabled stocks to build further in a seasonally slow season for production.

The build in stocks far surpassed experts’ expectations for a surge of 3.3 million barrels.

Gasoline stocks ascended by 3.9 million barrels, compared with hopes in a Reuters survey for a 1-million barrel revenue. Gasoline demand has been seasonally poor, down 5.7% from a year ago for the last four weeks.

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