COM: Crude oil falls on rise in API inventory data
Crude oil futures fell more than 1% traded below $76 after hitting one month high at $78 as API showed rise in weekly stockpiles and on news that Enbridge prepared to restart the biggest Canada-U.S. crude pipeline, raising expectations of a short-lived shutdown.
The American Petroleum Institute reported increase in weekly crude oil inventories by 3.33 mb against decline of 7.30 mb last week, while gasoline inventories declined by 0.96 mb.
The WTI crude oil which was traded around $4 discount to ICE Brent in last week is now almost narrowed to $1 signaling positive trend in crude oil futures.
Natural gas futures traded steadied near $3.93 on higher demand expectations and favorable weather conditions.
NYMEX Crude oil has important resistance at $78, support at $74.
