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Tuesday, 21 March 2017

U.S. oil hits November low as fresh glut fears overshadow OPEC cut talk | Reuters

U.S. oil hits November low as fresh glut fears overshadow OPEC cut talk | Reuters:

"Oil prices fell on Tuesday, with U.S. crude dropping to its lowest since November, as concerns about new supplies overshadowed the latest talk by OPEC that it was looking to extend output cuts beyond June.

The decline also came ahead of the release of U.S. crude inventory data later Tuesday and on Wednesday that is expected to show a crude stock build of 2.8 million barrels for last week, according to a Reuters poll. [EIA/S]

If correct, that would be the tenth weekly crude stock build in the last 11 following a surprise dip in the prior week and could boost inventories back to a record high."



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