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MTECHTIPS;-Crude slides 3% after U.S. crude stocks pile up for 9th straight week

Thursday, March 9, 2017 2:08
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target="_blank">MTECHTIPS;-Crude slides 3% after U.S. crude
stocks pile up for 9th straight week

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"_blank">MTECHTIPS- Crude futures fell more than 3% on
Wednesday, after a report showed U.S. crude inventories rose for a
ninth straight week. Oil prices added to losses sustained in the
previous session, after the Energy Information Agency (EIA)
reported a much larger increase than expected in U.S. crude
inventories. On the New York Mercantile Exchange  "font-family:inherit;font-size:inherit">crude
 for April delivery fell $1.8 to $51.34 a
barrel, while on London’s Intercontinental
Exchange,  "font-family:inherit;font-size:inherit">Brent shed
$1.72 to $54.20 a barrel. The EIA said that  "font-family:inherit;font-size:inherit">crude oil
 rose by 8.209 million compared to estimates
of an increase of 1.967 million barrels.  "font-family:inherit;font-size:inherit">Gasoline
 decreased by 6.555 million against
expectations for a draw of 1.4 million barrels
while  "font-family:inherit;font-size:inherit">distillate
 fell by 2.676 million barrels, compared to
expectations of a 0.9 million decline. It was the ninth straight
weekly rise in U.S. crude inventories and added to concerns that a
supply glut could curtailed OPEC’s efforts to re balance
 supply and demand in the industry. In November last year,
OPEC and other producers, including Russia agreed to cut output by
about 1.8 million barrels per day (bpd) in an effort to combat the
oversupply issue that has pressured prices over the last two

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