Oil extends losses into second session as U.S. stocks rise

Oil extends losses into second session as U.S. stocks rise
  • Clock-gray 07:19
  • calendar-gray 28 March 2019

Oil prices fell on Thursday, extending losses into a second straight session, after widely watched data showed a surprising increase in U.S. stocks, ONAreports quoting Reuters.

International Brent crude oil futures were at $67.63 a barrel at 0045 GMT, down 20 cents, or 0.3 percent, from their last close. Brent closed down 0.2 percent on Wednesday.

U.S. West Texas Intermediate (WTI) crude futures were at $59.18 per barrel, down 23 cents, or 0.4 percent, from their last settlement. WTI fell 0.9 percent on Wednesday.

Prices came under pressure from a rise in U.S. inventories, although analysts pointed to support from efforts by the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russia, known as OPEC+, to trim output.

“Today’s fall does not derail the short-term bullish argument that both the OPEC+ production cuts and supply outages will outweigh the global growth concerns and rising U.S. production,” said Edward Moya, senior market analyst, OANDA.

U.S. crude inventories rose last week by 2.8 million barrels, compared with analysts’ expectations for a decrease of 1.2 million barrels, the U.S. Energy Information Administration said.

Faiq Mahmudov

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