New York, July 19 (FinanceEnquiry.com) – As Federal Reserve Chairman Ben Bernanke remained silent on further monetary stimulus to spur growth in the US, which is the world’s top oil consumer, Brent Crude dropped below $104 a barrel on Wednesday, snapping five days of gains. Another reason for oil slipping was that investors chose to book profits prompted by a 16 percent increase in prices from the lows for the year touched last month. However, as Bernanke left the door open for more stimuli, broader markets from Asian shares to the euro inched higher.
Brent crude dropped 72 cents to $103.28 a barrel by 0534 GMT, after settling 63 cents higher. US oil went down 58 cents to $88.64 a barrel after ending up 79 cents. Investors are now looking forward to data on crude stockpiles in the United States that is expected later in the day on Wednesday from the Energy Information Administration to confirm an industry report that the drop in inventories has been more than expected.
Crude inventories dropped by 2 million barrels in the week to July 13. There was a fall of 116,000 barrels of gasoline stocks and an increase of 3.4 million barrels of distillate stock. Analysts predict that domestic crude inventories will fall by 1.2 million barrels whereas gasoline inventories will go up by 1.2 million barrels, on average. Distillate stocks are predicted to rise by 1.5 million barrels.
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