Crude Oil Rally Pauses After API Inventories

Crude Oil Rally Pauses After API Inventories

Crude oil prices fell Thursday, trimming recent gains after industry data showed U.S. oil inventories rose less than forecast last week.

The American Petroleum Institute (API) reported a build of 2.791 million barrels in United States crude oil inventories, compared to analyst expectations of a build of 4 million barrels for the week ending September 1.

Gasoline refineries were interrupted along the Texas coast, denting demand for crude oil.

Gasoline inventories fell 2.5 million barrels.

WTI light sweet crude oil was down 30 cents at $48.88 a barrel.

Jobless Claims for the week will be published at 8.30 am ET. The economists are looking for new claims consensus of 241K, up from the 236K in the previous week.

The Labor Department’s Productivity and costs report for the second quarter will be issued at 8.30 am ET. The growth consensus for non-farm productivity is 1.3 percent, compared to 0.9 percent in the previous quarter. Unit labor cost is expected to increase 0.3 percent, while it grew 0.6 percent in the previous period.