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Crude Oil Prices Move Lower Amid Supply Level Concerns

Investing.com
Crude prices lose ground after U.S. supply data, OPEC report
Crude prices lose ground after U.S. supply data, OPEC report

Investing.com - Crude oil prices moved lower on Thursday, amid ongoing concerns over rising global supply levels following news U.S. stockpiles increased far more than expected last week.

The U.S. West Texas Intermediate crude April contract was down 8 cents or about 0.13% at $60.88 a barrel by 05:00 a.m. ET (09:00 GMT).

Elsewhere, Brent oil for May delivery on the ICE Futures Exchange in London slid 23 cents or about 0.34% to $64.67 a barrel.

Oil prices came under pressure after the Organization of the Petroleum Exporting Countries and Russia forecast, in its monthly report released on Wednesday, an increase in non-OPEC supply over the next year.

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The Organization said non-OPEC supply growth for 2018 was forecast at around 1.60 million barrels per day compared to 1.40 million barrels per day prior, but added that its efforts to cut supply continued to contribute to rebalancing the market.

OPEC agreed in December to cut oil output by 1.8 million bpd until the end of 2018. The agreement was due to end in March 2018, having already been extended once.

Also Wednesday, the U.S. Energy Information Administration (EIA) reported that crude oil inventories rose by 5.022 million barrels in the week ended February 10, compared to expectations for a crude-stock build of 2.023 million barrels.

However, the report also showed that gasoline inventories decreased by 6.271 million barrels, compared to expectations for a draw of 1.176 million barrels, while distillate stockpiles fell by 4.360 million barrels, compared to forecasts for a decline of 1.519 million.

Later Thursday, the International Energy Agency was scheduled to release its monthly report on global oil supply and demand.

Elsewhere, gasoline futures retreated 0.47% to $1.913 a gallon, while natural gas futures were down 0.22% at $2.734 per million British thermal units.

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