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Oil turns negative Wednesday after U.S. crude stocks build to record high

 

 

NEW YORK
Petroleumworld.com 03 01 2017

Oil prices pared gains on Wednesday, with U.S. futures turning negative, after crude inventories in the United States rose to a record high.

U.S. crude stockpiles rose 1.5 million barrels last week, less than forecast, but touching a record high at 520.2 million barrels after eight straight weekly builds.

The consecutive increases have fueled worries that demand growth may not be sufficient to soak up the global oil glut despite a deal by major oil producers to cut output during the first half of the year.

By 10:58 a.m. Eastern (1558 GMT), U.S. West Texas Intermediate (WTI) futures for April delivery was down 9 cents at $53.92, down from $54.44 earlier in the session.

May Brent crude futures was 2 cents higher at $56.51 a barrel after earlier trading as high as $57.05 a barrel.

 



Reporting by Jessica Resnick-Ault;Additional reporting by Naveen Thukral in Singapore and Amanda Cooper in London; Editing by Susan Thomas and Marguerita Choy from Reuters.

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