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Energy stocks pull back on rising U.S. Oil Inventory
Crude oil inventories rose 2.3 million barrels in the week ending October 22nd, more than the expected 1.9 million barrels.
By Rony Abboud
0
- Oil & Gas
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Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world’s largest oil consumer. Crude oil inventories rose 2.3 million barrels in the week ending October 22nd, more than the expected 1.9 million barrels. And despite the forecast to drop, gasoline inventories rose by 500,000 barrels and distillate stocks increased by 1 million barrels.
Brent oil futures fell 1.42% to trade at $85.12 a barrel after closing at seven year-high on Tuesday. West Texas Intermediate futures settled 2.35% lower at $82.66 a barrel after gaining around 1% in the previous session.
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S&P 500 Energy stocks pulled back by -2.86%, dragging down the broader index from its record highs (-0.51%). ETFs tracking oil commodities and the energy sector tanked, including United States Oil Fund (-2.65%), WisdomTree Brent Crude Oil (-1.61%), VanEck Oil Services ETF (5.05%), SPDR S&P Oil & Gas Exploration & Production ETF (-4.24%), iShares U.S. Energy ETF (-2.15%), iShares Global Energy ETF (-1.94%) and Energy Select Sector SPDR Fund (-2.87%)
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