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Oil Dips With Wall Street, Ahead of U.S. Crude Inventory Data By


© Reuters.

By Barani Krishnan – Oil prices fell on Tuesday as a rout in Wall Street stocks weighed on sentiment in a heavily-overbought market.

Some longs took profits after a 5-day winning streak. A wind down before U.S. crude inventories data is due later in today also contributed to the lower closing.

New York-traded crude, the benchmark oil price in America, fell 16 cents or 0.2% to $75.29 per barrel. 

London-traded crude, the global benchmark for oil, settled up 44 cents, or 0.6%, at $79.09. 

On Wall Street, the fell while tech barometer Nasdaq slumped as well following a surge in Treasury yields and signs of consumer weakness at a time when concerns about a more sustained pace of inflation continue to heat up.

In the meantime, oil traders waited for the American Petroleum Institute to release its weekly snapshot on U.S. inventories.

API will release its log of U.S. crude oil, gasoline and distillate stocks for the week ending Sept. 17 at 4:30PM ET (20:30 GMT). These figures are a prelude to official weekly inventory data from the EIA (U.S. Energy Information Administration) due Wednesday. 

Analysts tracked by have forecast that fell by 1.65 million barrels last week, compared with the previous week’s draw of 3.48 million.

Forecasts indicated that inventories could have fallen by 1.4million barrels after the increase of 3.48 million the week before.

The stockpiles of and, including diesel and, will likely have increased by 1.65 million barrels, after an increase of 2.56million the previous week.


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