ASX oil majors fall as stockpiles rise
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The news: Oil majors fell on the ASX today as global oil prices dipped after a three-day advance.
The numbers: Brent futures fell 0.40% to USD82.28 ($123.72) a barrel by 1:25pm AEST, having climbed almost 4% this week. US West Texas Intermediate (WTI) dropped 31 US cents, or 0.39%, to USD78.19.
In the local market, Beach Energy (-1.4%), Karoon Energy (-1.3%), Ampol (-9%), Woodside Energy (-0.7%) and Santos (-0.2%), were all trading lower, while energy saw the biggest sector decline at -0.47%.
The context: Oil prices lowered today after US crude stockpiles rose by 3.7 million barrels last week, Bloomberg reported.
Meanwhile, despite US consumer price data pointing to cooling inflation for a second consecutive month, the US Federal Reserve held interest rates steady and forecast only one cut this year, lowering chances of increased oil demand.
Elsewhere, the International Energy Agency said this week that global markets face a major surplus this decade as the shift away from fossil fuels picks up pace.
The source: Bloomberg
