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MTECHTIPS:- WTI oil futures fall towards 6-year low after bearish U.S. supply data

MTECHTIPS:- WTI oil futures fall towards 6-year low after bearish U.S. supply data

West Texas Intermediate oil futures fell towards the lowest level in more than six years on Wednesday, after data showed that oil supplies in the U.S. rose unexpectedly last week. Crude oil for delivery in October on the New York Mercantile Exchange declined 90 cents, or 2.1%, to trade at $42.22 a barrel during U.S. morning hours. Prices were at around $42.63 prior to the release of the inventory data. The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 2.6 million barrels in the week ended August 14. Market analysts’ expected a crude-stock fall of 0.8 million, while the American Petroleum Institute late Tuesday reported a decline of 2.3 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 326,000 barrels last week, following a drop of 51,000 barrels in the preceding week. Total U.S. crude oil inventories stood at 456.2 million barrels as of last week, remaining near levels not seen for this time of year in at least the last 80 years. The report also showed that gasoline inventories decreased by 2.7 million barrels, while distillate stockpiles rose by 0.6 million barrels. A day earlier, New York-traded oil futures hit $41.43, the weakest level since March 2009, as worries over high domestic U.S. oil production weighed.
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