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Wednesday, 15 February 2017

Oil reverses course and pulls back after brief rally | Reuters

Oil reverses course and pulls back after brief rally | Reuters:

"Oil turned negative Wednesday, as falling gasoline futures weighed down crude prices on concerns that oversupply in the U.S. would limit the effect of OPEC's record compliance with its supply-cut accord.

U.S. crude stocks rose 9.5 million barrels last week, the U.S. Energy Information Administration (EIA) said, nearly three times more than forecast, but confirming a trade group's report late Tuesday of a larger-than-expected build. [EIA/S]

U.S. crude inventories hit a peak at 518.12 million barrels, while gasoline stocks also touched a record, rising 2.8 million barrels to 259.1 million barrels, according to the EIA."



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