Oil down to test June lows below $48 handle on API surprise build

Oil has been on the offer and has been facing June lows on the move in the US shift after the unexpected crude inventory builds.

US oil dropped to trade below the $48 handle to score a low of $47.82 when

the API's numbers that were expected to come in at -2.33mm barrels actually showed a built by 1.16mm barrels. 

Cushing stockpiles were thought to arrive as a of drop 600k barrels but instead it soared by 664k barrels. Both Gasoline and Distillates were at the largest build since January.

API data came in as follows:

• Crude +1.16mm (-2.33mm exp)
• Cushing +664k (-600k exp, +234k Genscape)
• Gasoline +2.254mm
• Distillates +3.725mm