Bullionguru’s,”Oil weaker in Asia as US stocks post surprise rise”

© Reuters. Crude weakened in Asia as US inventories posted a surprise climb and Ecuador broke ranks with OPEC.

Crude traded weaker in Asia on Wednesday as doubts over OPEC production cuts began to spread and the American Petroleum Instute reported an increase in U.S. supplies of crude.

U.S. crude oil inventories estimates from the American Petroleum Institute API) on Tuesday reportedly showed an increase of 1.6 million barrels for the week to July 14, against an expected drop of 3.740 million barrels. Inventories of distillates were dropped 2.9 million barrels, according to reports. The market will now look to data from the Energy Information Administration on Wednesday.

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