Crude falls on increase in US production and inventories: 3/28 PM
The May crude oil futures contract in NYMEX ACCESS trade at 16:15 Tokyo time on Wednesday was at $64.75 per barrel (bbl), down 11cts from morning on the same day while the May Brent contract in ICE After Hours Trading was at $69.71/bbl, down 3cts.
As crude production and inventories had increased in the US, “crude prices were moving according to fundamentals,” Toshinori Ito at Ito Research and Advisory said. Nevertheless, there seemed no factors causing crude prices to fall sharply since crude inventories were at similar levels to normal years, Ito added.
Meanwhile, the Nikkei Stock Average lost 286.01 points to end the day at 21,031.31. The dollar traded at 105.65 against the yen.