Oil drops on surprise U.S. stockpile rise, but Middle East tensions support
TOKYO - Oil fell on Wednesday after data showed a surprise rise in U.S. crude stockpiles and as Chinese industrial output grew less than expected in April, but prices were supported by mounting tensions in the Middle East.
U.S. West Texas Intermediate crude futures were at $61.33 per barrel, down 45 cents, or 0.7%, from their previous settlement. WTI closed up 1.2% in the previous session. “If the EIA report confirms a strong build we could see that weigh on oil prices ... but too many geopolitical risks remain that should keep prices supported,” Edward Moya, senior market analyst at OANDA told Reuters by email.Oil prices have drawn support after Saudi Arabia on Tuesday said armed drones struck two of its oil pumping stations, two days after the sabotage of oil tankers near the United Arab Emirates, while the U.S. military said it was braced for “possibly imminent threats to U.S.
Elsewhere, growth in China’s industrial output slowed more than expected to 5.4% in April from a 4-1/2 year high in March, reinforcing views that Beijing will have to roll out more stimulus measures as a trade war with the United States intensifies.
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