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Wednesday, 15 February 2017

Oil slips further below $56 on report of U.S. inventory jump | Reuters

Oil slips further below $56 on report of U.S. inventory jump | Reuters:

"Oil slipped further below $56 a barrel on Wednesday as an industry report showing a large rise in U.S. crude inventories signaled ample supply, even as OPEC achieves record compliance with its supply-cut accord. U.S. inventories rose by a larger-than-expected 9.9 million barrels last week, the American Petroleum Institute trade group said on Tuesday, ahead of the Energy Information Administration's official supply report. "Should this figure be confirmed by the EIA later today, U.S. crude stocks will have risen to a fresh record high," said Stephen Brennock of oil broker PVM."



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