Crude prices were seen trading lower on Thursday, as prices fell near its lowest level in two week, while crude inventories in the US rose to the highest in 83 years. Meanwhile the escalated tension in Ukraine continues to remain in spotlight.
The North American West Texas Intermediate crude for June delivery edged 0.24% higher to $101.70 per barrel on the New York Mercantile Exchange at the time of writing, near the lowest level in two weeks.
While Futures for the European benchmark Brent crude for June settlement rose 0.18% to $109.31 a barrel on the ICE Futures Europe exchange at the time of writing.
Oil stockpiles in the US climbed 3.52 million barrels, compared to analysts forecast of 2.27 million barrels, according to data from the Energy Information Administration (EIA). US crude stockpiles climbed to the highest since May 1931, according to government data dated back to 1920.
Stockpiles at Cushing, Oklahoma, fell by 788,000 barrels to 26 million, the EIA said. Supplies at the storage hub dropped since when the southern port of the Keystone XL pipeline started moving oil to the Gulf of Mexico.
Meanwhile reports from the American Petroleum Institute released on Tuesday showed that US crude oil inventories climbed by 519,000 barrels in the week ending April 18, below estimates of a rise of 2.3 million barrels.
On Tuesday, the Russian Prime Minister Medvedev said that Russia should prepare for self-reliance, as the country faces warnings of additional sanctions from the Western nations.
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