0901 ET - Crude futures are lower after an industry report of a first increase in U.S. crude stocks in 10 weeks, and brief protests ended at two Libyan oil export ports. The API reported a 2.9 million barrel build in U.S. crude stocks, analysts note, along with a further increase in gasoline and a withdrawal in distillates. Analysts surveyed by the Wall Street Journal expect the EIA to report a 1.1 million barrel increase in crude inventories. "In addition to today's EIA, the Fed rate decision later today could prompt some oil price movement, and we still look for the impact to skew in favor of a strengthening in the U.S. dollar that could add to ongoing downside pressures across the energy complex," Ritterbusch says in a note. WTI is off 0.6% at $73.33 a barrel, and most active Brent is down 0.6% at $76.01 a barrel. (anthony.harrup@wsj.com)
(END) Dow Jones Newswires
January 29, 2025 09:02 ET (14:02 GMT)
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