Crude prices slid from a four-month high on Thursday as reports from the Energy Information Administration (EIA) revealed the US oil stockpiles climbed.
Futures for the West Texas Intermediate (WTI) for March delivery dropped 0.67% lower at $99.70 per barrel on the New York Mercantile Exchange at the time of writing, while the European benchmark Brent crude for March settlement declined 0.31% to $108.44 per barrel on the London-based ICE Futures Europe exchange.
Crude – US Oil Inventories
On Wednesday, the Energy Information Administration (EIA) released reports which revealed stockpiles at Cushing, Oklahoma declined by 2.6 million barrels last week, as a pipeline helped to move oil away from the largest storage hub in the US.
The reports from the EIA also revealed crude inventories climbed by 3.27 million to 361.35 million barrels in the week ended February 2, exceeding analysts’ forecast of a rise of 2.63 million barrels.
Distillate stockpiles declined by 731,000 barrels to 113.1 million in the week ending February 7, reports from the EIA confirmed.
On Tuesday, reports from the American Petroleum Institute (API) showed that US crude oil inventories rose by 2.13 million barrels last week.
Crude – OPEC Global Demand Estimates
The Organization of Petroleum Exporting Countries (OPEC) released a February issue of its monthly oil market report, in which the OPEC increased its forecast for global oil demand by 50,000 barrels a day to 1.09 million barrels a day.
Other News
The Russian government predicted that its oil production would reach approximately 525 million tons or 10.54 million barrels per day this year, according to Russia’s deputy minister, Alexander Novak.
Meanwhile in Libya, protesters closed the oil and gas pipelines in the Wafa oil field, according to the National Oil Corporation.
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