MTECHTIPS;-Crude slides 3% after U.S. crude stocks pile up for 9th
MTECHTIPS;-Crude slides 3% after U.S. crude stocks pile up for 9th straight week
MTECHTIPS- Crude futures fell more than 3% on Wednesday, after a report showed U.S. crude inventories rose for a ninth straight week. Oil prices added to losses sustained in the previous session, after the Energy Information Agency (EIA) reported a much larger increase than expected in U.S. crude inventories. On the New York Mercantile Exchange crude futures for April delivery fell $1.8 to $51.34 a barrel, while on London’s Intercontinental Exchange, Brent shed $1.72 to $54.20 a barrel. The EIA said that crude oil inventories rose by 8.209 million compared to estimates of an increase of 1.967 million barrels. Gasoline inventories decreased by 6.555 million against expectations for a draw of 1.4 million barrels while distillate stockpiles fell by 2.676 million barrels, compared to expectations of a 0.9 million decline. It was the ninth straight weekly rise in U.S. crude inventories and added to concerns that a supply glut could curtailed OPEC’s efforts to re balance supply and demand in the industry. In November last year, OPEC and other producers, including Russia agreed to cut output by about 1.8 million barrels per day (bpd) in an effort to combat the oversupply issue that has pressured prices over the last two years.
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