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Crude stockpiles in the United States rose 2.3 million barrels last week, reaching a seventh straight week of record highs at 534.8 million barrels, the Energy Information Administration (EIA) reported.
US crude futures’ front-month contract settled up 4 cents at $38.32 a barrel. It rose almost $1.60, or 3 per cent, earlier, tracking a 3-month high in Wall Street shares and near 2-week low in the dollar.
Brent crude’s front-month settled up 12 cents at $39.26, retreating from a session peak of $40.61.
Barclays in a report described macroeconomic concerns and high inventories as the oil market’s “ball and chain” that could keep prices in the mid-$30s to lower-$40 levels through the second quarter.
On Tuesday, Saudi Arabia and Kuwait, two of OPEC’s biggest exporters, said they would resume production at the jointly operated 300,000-barrels-per-day Khafji field even with a meeting on the production freeze set for April 17. Brent and US crude fell about 3 per cent in that session, reacting to the news.
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Posted in: Indian Market Tips
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