Receive our newsletter – data, insights and analysis delivered to you
March 17, 2015

Oil falls further on record US crude stocks

The price of Brent crude oil fell towards $53 a barrel, as US crude stocks surged to a new record high.

By admin-demo

The price of Brent crude oil fell towards $53 a barrel, as US crude stocks surged to a new record high.

Reuters reported that Brent for May delivery deminished 47 cents to $53.04, and US crude for April delivery dropped to $42.05 a barrel.

Data from the American Petroleum Institute (API) revealed that US crude inventories increased by 10.5 million barrels to 450 million in the week commencing 13 March.

"Whether the API data is right or wrong, it is still about market expectations or missed expectations."

API said crude stocks at the Cushing, Oklahoma, delivery hub increased by three million barrels.

The US Energy Information Administration will unveil the official inventory data later today.

OptionsXpress market analyst Ben LeBrun was quoted by the news agency as saying: "Whether the API data is right or wrong, it is still about market expectations or missed expectations."

Content from our partners
Green investment: What gives Scotland multiple advantages
How the North of Tyne region is leveraging its legacy to define its future
Q&A with Chevron Lubricants’ Paul Sly, global industrial OEM specialist, and Nathan Knotts, global brand technical manager

Traders are also waiting for the US Federal Reserve’s policy making committee to outline its monetary policy objectives.

Some recovery in Libya’s output, and plans by Iran to increase oil production once Western sanctions are lifted, have heightened oversupply concerns for oil.

The possibility of a nuclear agreement that may end sanctions against Iran will enable Tehran to send further oil into the market.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU