Oil Trades Near Six-Week Low as Data Shows U.S. Stockpiles Rose - Bloomberg:
Oil traded near a six-week low as industry data showing an increase in U.S. crude stockpiles re-affirmed expectations that global markets will be oversupplied in the first part of the year.
Futures slipped as much as 0.7% in New York to near $58 a barrel as traders focused on the approaching seasonal lull in demand once winter ends, and amid signs of plentiful supply around the world. The American Petroleum Institute reported inventories expanded by 1.1 million barrels last week, according to people familiar with the data.
West Texas Intermediate crude for February delivery fell 16 cents, or 0.3%, to $58.07 a barrel on the New York Mercantile Exchange as of 10:14 a.m. in London. The contract closed Monday at the lowest since Dec. 3. Concerns that the U.S. and Iran were headed for conflict over the killing of an Iranian general, which sent prices soaring earlier this month, have largely dissipated.
Oil traded near a six-week low as industry data showing an increase in U.S. crude stockpiles re-affirmed expectations that global markets will be oversupplied in the first part of the year.
Futures slipped as much as 0.7% in New York to near $58 a barrel as traders focused on the approaching seasonal lull in demand once winter ends, and amid signs of plentiful supply around the world. The American Petroleum Institute reported inventories expanded by 1.1 million barrels last week, according to people familiar with the data.
West Texas Intermediate crude for February delivery fell 16 cents, or 0.3%, to $58.07 a barrel on the New York Mercantile Exchange as of 10:14 a.m. in London. The contract closed Monday at the lowest since Dec. 3. Concerns that the U.S. and Iran were headed for conflict over the killing of an Iranian general, which sent prices soaring earlier this month, have largely dissipated.
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