Oil Prices Erases Gain Backed by Inventories Level

Oil prices hits lowest in weeks after inventories data shows surprise jump in U.S. inventories of crude.

Brent inched down to $82.67 per barrel down by 2.26%, while crude oil WTI inched down to $80.82 a drop by 2.23%, according to figures stated by Oilprice as of Thailand time 9:40 hours.

According to the U.S. Energy Department, crude stocks rose by 4.3 million barrels last week which accounts to double the 1.9 million barrel increase forecasted by analysts.

Even at times when U.S. consumers are struggling with rising prices, gasoline stocks fell by 2 million barrels to the lowest level in four years.

Crude storage at WTI delivery hub Crushing, Oklahoma saw the highest depletion rate in three years. Prices of longer dated futures contracts further indicates supply to remain low for months.