CRUDE SUMMARY: Bearish EIA data undermines oil prices

摘要

LONDON (ICIS)--Oil prices resumed their downwards trajectory on Wednesday, dented by bearish data from the EIA despite optimism surrounding an extension to the OPEC supply pact. A sell-off during European morning trading slashed $1.00/bbl from both benchmarks. API data released on Tuesday provided a strong sell signal, indicating that US crude oil stocks had risen almost 5m bbl a day over the last week. However, investors awaited the release of the official EIA data later in the session.