See Brent around USD 35/bbl by Sep-Oct: Again Capital

Oil on Wednesday extended losses on the back of a larger than expected buildup in US Crude stockpiles. Nymex crude oil was trading down 2% and Brent fell below USD 50 per barrel.

US crude stockpiles rose by 2.5 million barrels to a total of 523.6 million barrels in the week through August 19 as refinery inputs decreased and gasoline production fell, according to the Energy Information Administration (EIA). Gasoline stocks were up by 36,000 barrels, compared with expectations in a Reuters poll for a 1.2 million-barrel drop.

In an interview to CNBC-TV18, John Kilduff, Partner, Again Capital shared his outlook on oil prices going forward.

He expects Brent crude price to get back into the USD mid-30’s per barrel around September-October time period.For the entire