Crude futures extend losses after EIA issues weekly stock report

03 April 2013 16:35  [Source: ICIS news]

LONDON (ICIS)--ICE Brent crude oil futures extended losses after the US Energy Information Administration (EIA) issued its weekly stock report showing a larger-than-expected rise in crude oil stocks.

By 15:10 GMT, the front-month May ICE Brent contract touched an intra-day low at $108.64/bbl, representing a loss of $2.05/bbl compared with the settlement on Tuesday. The contract then edged higher by a few cents to trade around $108.70/bbl.

At the same time, the front-month May NYMEX WTI contract was trading around $85.81/bbl, having touched an intra-day low earlier at $95.76/bbl, a loss of $1.43/bbl compared with the previous close.

According to official data from the EIA, crude oil stocks in the US increased by 2.70m barrels to 388.60m barrels in the week to 29 March. The build was larger compared with the forecast of 2.20m barrels.

The American Petroleum Institute issued its weekly stock report late on Tuesday showing a 4.70m barrel increase to 385.10m barrels.

By: Kawai Wong
+44 20 8652 3214

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