Oil prices fell on Thursday after U.S. crude stocks hit an all-time high and official data showed Russian oil production unchanged in February, with no further cuts to tighten the market and drain global oversupply. Benchmark Brent crude oil was down 50 cents a barrel at $55.86 by 1125 GMT. U.S. light crude was 50 cents lower at $53.33. Crude inventories in the United States, the world's biggest oil consumer, rose by 1.5 million barrels last week to a record 520.2 million barrels, official figures showed. click Read More below for more of the story
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West Texas Intermediate for January delivery lost as much as 88 cents to $52.10 a barrel on the New York Mercantile Exchange, and was at $52.37 at 10:20 a.m. London time. The contract gained 15 cents to close at $52.98 on Tuesday. Total volume traded was about 9 percent below the 100-day average. Brent for February settlement fell as much as 83 cents, or 1.5 percent, to $54.89 a barrel on the London-based ICE Futures Europe exchange. The contract rose 3 cents to $55.72 a barrel on Tuesday, the highest settlement since July 2015. The global benchmark crude traded at a premium of $1.82 to WTI. U.S. gasoline stockpiles increased by 3.91 million barrels last week, the API reported Tuesday, according to a person familiar with the figures. click Read More below for more of the story
Futures were little changed after earlier sliding 1.1 percent in New York. U.S. crude inventories rose by 2.7 million barrels last week, the American Petroleum Institute was said to report. While OPEC has pledged to trim production, key members Iraq and Venezuela are disputing estimates of how much they’re pumping. West Texas Intermediate for November delivery held steady at $50.19 a barrel on the New York Mercantile Exchange as of 10:49 a.m. London time after earlier falling as much as 56 cents to $49.62. The contract slid 61 cents to $50.18 on Wednesday. Total volume traded Thursday was 15 percent below the 100-day average. click Read More below for more of the story