NEW YORK (Reuters) – On Wednesday crude oil prices ended down nearly 1.5% , partly because of higher-than-expected stocks of gasoline and distillates in the United States and despite a drop in crude reserves.
On the Nymex, the contract on October U.S. crude (WTI) ended on a loss of $ 1.30, or -1.44% to 88.91 dollars a barrel. Meanwhile, Brent advanced 0.41%, or $ 0.46, to 112.35 dollars.
In volatile trading, the Brent has received some investor optimism about the crisis in the euro zone after the European Commission said it will shortly introduce proposals for Eurobonds.
Crude inventories fell 6.7 million barrels to 346.38 million, according to the U.S. Agency for Energy Information (EIA). Economists on average had expected a decline of 3.1 million barrels.
Gasoline inventories rose by 1.94 million barrels and reserves of distillates, which include heating oil, rose 1.71 million barrels while the experts had expected 500,000 barrels and 700,000 respectively barrels