Investing.com - Nymex crude prices fell on Thursday after a soft
U.S. inventory report.
On the New York Mercantile Exchange, West Texas Intermediate
crude for delivery in March traded at USD100.20 a barrel during
Asian trading, down 0.19%.
On Wednesday the New York-traded oil futures hit a session low
of USD100.12 a barrel and a high of USD100.36 a barrel to settle at
USD100.37 a barrel.
Nymex oil futures were likely to find support at USD99.11 a
barrel, Monday's low, and resistance at USD102.95 a barrel, the
high from Oct. 16.
The U.S. Energy Information Administration said in its weekly
report that U.S. crude oil inventories rose by 3.3 million barrels
in the week ended Feb. 7 compared to expectations for an increase
of 2.7 million barrels.
Total U.S. crude oil inventories stood at 361.4 million barrels
as of last week.
The report also showed that total motor gasoline inventories
decreased by 1.9 million barrels, compared to forecasts for a drop
of 50,000 barrels, while distillate stockpiles declined by 731,000
OPEC, meanwhile, said world oil demand should grow at a slightly
faster rate than previously expected in 2014. They cartel now sees
growth of 1.09 million barrels a day, up from a previous estimate
of 1.05 million barrels per day, which bolstered prices.
Elsewhere, on the ICE Futures Exchange in London, Brent oil
futures for April delivery were down 0.05% and trading at 108.27 a
barrel, while the spread between the Brent and U.S. crude contracts
stood at 8.06 a barrel.
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