TOKYO, Sept 30 — Crude oil futures fell in early Asian trade today after US inventories showed a weekly buildup that far exceeded analyst expectations.
The American Petroleum Institute (API) said yesterday that US crude oil stockpiles rose by 4.6 million barrels to 457.8 million barrels in the week to September 25.
Analysts polled by Reuters had expected an increase of only 102,000 barrels.
Front-month US crude had dropped 49 cents, more than 1 per cent, to 44.74 a barrel by 0012 GMT.
The contract settled yesterday’s trade at US$45.23 (RM202) a barrel, up 80 cents, or 1.8 per cent, on the day.
Brent crude, the global oil benchmark, fell 37 cents to US$47.86 a barrel.
Yesterday, the contract rose 89 cents, or 1.9 per cent, to US$48.23.
The US government’s Energy Information Administration (EIA) will issue official weekly inventory data today.
Today’s session may be more volatile due to the close of September and third-quarter trading, according to some analysts.
US crude is heading for a 9-per cent decline this month as the slump in commodities continues amid deepening concerns over China’s slowdown in economic growth.
Brent crude is on track to round out September with a nearly 12-per cent drop. — Reuters
