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Brent oil slips as data shows record US inventories LONDON: Brent oil prices fell towards $53 a barrel on Wednesday on oversupply concerns as U.S. crude stocks hit a new record high, according to government data.U.S. crude inventories rose by 9.6 million barrels to a new record of 458.5 million barrels in the week to March 13, the U.S. government's Energy Information Administration (EIA) figures showed on Wednesday.Brent for May delivery was down 36 cents at $53.26 per barrel by 1440 GMT after ending the previous session up 7 cents.U.S. crude for April delivery fell 93 cents to $42.53 per barrel, after hitting a six-year low of $42.05 earlier in the session."The crude oil inventory rise is too big a factor to ignore at this point, and speculation over storage capacity limits will only increase," said John Kilduff, partner at Again Capital LLC in New York.Crude stocks at the Cushing, Oklahoma delivery hub rose by 2.87 million barrels to ...
Oil prices extend losses LONDON: Oil prices extended losses in Wednesday to six-year lows on expectations that US crude stockpiles will rise further, in a market already awash with supplies, analysts said.The New York price slid to $42.05 a barrel -- the lowest level since March 2009. US benchmark West Texas Intermediate for delivery in April later stood at $42.24, down $1.22 a barrel compared with Tuesday's close.Brent crude for May delivery was down 45 cents to $53.06 a ...
Europe Gasoline/Naphtha: Gasoline firms on strong overseas demand LONDON: Gasoline refining margins in northwest Europe rose on Tuesday supported by demand from West Africa, the Americas and Asia. Analysts at JBC Energy said in a note on Tuesday that gasoline margins worldwide were supported by US refinery maintenance and outages as well as rising demand from Asia.They did, however, sound a note of caution in the near future pointing to "a light maintenance schedule on both sides of the pond (that) could see ...
Brent oil falls below $53 as industry data shows US stocks at record high LONDON: Brent oil prices fell below $53 a barrel on Wednesday on oversupply concerns as industry data indicated U.S. crude stocks had hit a new record high.U.S. crude inventories rose by 10.5 million barrels to 450 million barrels in the week to March 13, American Petroleum Institute (API) figures showed on Tuesday.Analysts had expected a 3.8-million-barrel increase.Brent for May delivery was down 62 cents at $52.89 per barrel by 1058 GMT after ending the previous ...
North Sea Crude: Forties weak, Trafigura buys third cargo LONDON: North Sea Forties crude price differentials remained under pressure on Tuesday reflecting weak European refining demand and ample supplies for April.Trafigura bought its third Forties cargo of the week in the afternoon price assessment window. All three are for early April loading.It was unclear whether Trafigura was planning another VLCC fixture to South Korea. One trader suggested it could be filling the GS Caltex shipment, which was first mooted back in February. This has ...

 





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