28 March 2012 11:04 [Source: ICIS news]
SINGAPORE (ICIS)--Crude futures weakened on Wednesday, undermined by a larger than expected build in US crude stocks and media reports of a possible release of strategic stocks by France, the US and the UK.
At 10:43 GMT, May Brent crude on ?xml:namespace>
May NYMEX light sweet crude futures (WTI) were trading at $106.47/bbl, down 86 cents/bbl on the previous close. Earlier the
Weekly US inventory data released on Tuesday by the industry body, American Petroleum Institute (API), revealed a much larger than expected 3.6m bbl rise in US crude stocks and an unexpected rise in gasoline stocks.
This was offset to some degree by a larger than expected 1.4m bbl drawdown in distillate stocks.
French newspaper Le Monde reported on Wednesday that
The move is viewed as an attempt to lower oil prices which have remained stubbornly high in March.
ICE Brent continued to trade above $124/bbl, close to their highest levels since April 2011 when prices surged as a result of the Libyan civil war.
Crude values have surged amid ongoing supply worries generated by heightened tensions between the West and
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