Barrels

Oil prices have fallen following a rise in US crude inventories, adding to concerns of the global oversupply.

Brent crude futures LCOc1 slipped 45 cents to $38.81 a barrel, while the US crude futures CLc1 edged down 65 cents at $37.67 a barrel, Reuters reported.

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Data released by the US Government’s Energy Information Administration highlighted an increase in US crude stockpiles by 2.3 million barrels to 534.8 million barrels in the week ending 25 March 2016.

"The increase was less than analysts’ expectations of a 3.3-million-barrel rise."

The increase came despite seasonal refinery usage hitting an 11-year high, but was less than analysts’ expectations of a 3.3-million-barrel rise.

Since mid-February, optimism over a proposal to freeze production by several major oil-exporting countries led to an increase in oil prices by around 50%.

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Producers are set to meet on 17 April in Qatar to discuss the proposal.

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A survey by the news agency revealed that OPEC crude output in March increased to 32.47 million bpd from 32.37 million bpd in February despite the freeze proposal.

International Energy Agency head Fatih Birol told the news agency that Iran is expected to add another half a million bpd of oil within a year.

Image: US crude stockpiles rose by 2.3 million barrels to 534.8 million barrels in the week ending 25 March. Photo: courtesy of renjith Krishnan/FreeDigitalPhotos.net.