Crude oil risked a sixth session of losses on Wednesday as it tracked tumbling prices for other commodities amid worries about Europe’s political future and global growth.
Crude oil for June delivery declined 91 cents, or 0.9%, to $96.10 U.S. a barrel on the New York Mercantile Exchange, following losses of 1% on Tuesday. Oil futures have lost more than 2% this week so far.
Prices trimmed losses, however, after a weekly government inventories report.
The U.S. Energy Information Administration reported crude inventories rising 3.7 million barrels, compared to expectations of an increase of 2.2 million, according to analysts polled by Platts, but less drastic than the increase a trade group reported late Tuesday.
The EIA also reported gasoline supplies down 2.6 million barrels, and inventories of distillates down 3.3 million barrels. The analysts polled by Platts had forecast gasoline inventories down 600,000 barrels and unchanged supplies for distillates, which include heating oil.
Investors keyed in events in the euro-zone casting a pall over the global recovery and thus in demand for oil.
Casting doubt on the world’s recovery and thus oil demand, "Spanish debt continues to be sold down, Greece edges toward another potential default as repayments on some of their debt is due next week," to the tune of 7 billion euros ($9.1 billion U.S.), said Matt Smith, an analyst with Summit Energy, in a note to clients.
Meanwhile, June gasoline was flat at $2.99 U.S. a gallon, while June heating oil lost less than one cent, or 0.3%, to $2.98 U.S.
June natural gas bucked the downward trend, up six cents, or 2.6%, to $2.46 U.S. per million British thermal units.
