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Crude tumbles after API report points to upsurge in US inventories

  • API reported that US crude supplies jumped by around 4.9 million barrels for the week to 7th June.
  • At 11.30 AM GMT, WTI crude for July delivery (CLN19) was down close to 2.7% while Brent for August (BRNQ19) shipments was off 2.4%.

Crude prices tumbled on Wednesday after the American Petroleum Institute said late on Tuesday that gasoline stockpiles grew by 829,000 barrels for the week ending 7th June, even as distillate supplies dropped by 3.5 million barrels. The Energy Information Administration’s weekly supply data is expected later today.