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Oil Declines as US Stockpile Data Paints Mixed Demand Picture - Yahoo Finance

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Oil Declines as US Stockpile Data Paints Mixed Demand Picture

(Bloomberg) -- Oil retreated for the fourth time in five sessions as rising inventories at the key US storage hub in Cushing, Oklahoma, partly offset a drop in national stockpiles to paint a mixed picture for demand. Traders also continued to focus on technical indicators that signal weakness for the market.

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West Texas Intermediate held below $74 a barrel after declining by 1.9% on Wednesday.

US government data showed that national crude stockpiles fell 7.1 million barrels, the biggest one-week decline since August. But inventories at Cushing climbed and are at the highest level since August.

Read More: Crude Stockpiles Fall by the Most Since August: EIA Takeaways

Futures volumes have remained low during this holiday week, with trading activity below the 50-day average in the last eight sessions.

Crude has risen almost 8% since its December low as Houthi attacks on vessels in the Red Sea forced tankers and other ships to divert on longer voyages, boosting costs. Despite a US-led task force to protect the key waterway, nearly half of the container-ship fleet that regularly passes through the Red Sea is currently avoiding the route.

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