NEW YORK, May 10 (Xinhua) -- Crude oil futures prices dropped on Wednesday due to a surprise increase in U.S. commercial crude oil inventories last week.
The West Texas Intermediate (WTI) for June delivery decreased by 1.15 U.S. dollars, or 1.56 percent, to settle at 72.56 dollars a barrel on the New York Mercantile Exchange. Brent crude for July delivery lost 1.03 dollars, or 1.33 percent, to settle at 76.41 dollars a barrel on the London ICE Futures Exchange.
U.S. commercial crude oil inventories increased by 3 million barrels in the week ending on May 5, in contrast with the market expectation of a drop in the period, according to data issued by the U.S. Energy Information Administration on Wednesday.
However, U.S. gasoline stocks and distillate fuel stocks registered a deep drop of 3.2 million barrels and 4.2 million barrels in the week, respectively.
The American Petroleum Institute reported Tuesday that U.S. commercial crude oil inventories increased by 3.618 million barrels last week, which weighed on oil price in the overnight trading session.
WTI oil pulls back as traders take some profits off the table after the strong rebound, said Vladimir Zernov, analyst with market information supplier FX Empire, on Wednesday.
Crude ran into resistance around the bottom of the December-March range lows which suggests, for now at least, traders are not of the view that output cuts by OPEC and its partners fully offset the difficulties that lie ahead for the global economy which will ultimately weigh on demand, said Craig Erlam, analyst of online forex trading and broker OANDA. ■