Oil futures fell in Asian trade on Wednesday after industry data pointed to a potential ninth straight week of inventory builds, renewing concerns about an oversupply of oil despite output curbs by OPEC and non-OPEC members.<\/p>\n
U.S. West Texas Intermediate (WTI) crude CLc1 fell 32 cents, or 0.6 percent, to $52.82 a barrel as of 0107 GMT (8.07 p.m. ET), after ending the previous session down 0.1 percent.<\/p>\n
Brent futures LCOc1 fell 29 cents, or 0.5 percent, to $55.63 after settling down 0.2 percent in the previous session.<\/p>\n
“Oil is range-bound. If prices dip below $50 a barrel OPEC will cut more; if it goes above $55 the U.S. will produce more,” said Jonathan Barratt, chief investment officer at Ayers Alliance in Sydney.<\/p>\n
“The market is caught in this middle range. It’s difficult to forecast the news that will eventually see a break-out.”<\/p>\n
U.S. crude stocks rose by 11.6 million barrels last week, according to industry group, the American Petroleum Institute.<\/p>\n
If the figures are confirmed later on Wednesday by official data from the U.S. Department of Energy’s Energy Information Administration (EIA) it would be the ninth straight week of inventory builds. [EIA\/S]<\/p>\n
The stocks data came as the EIA on Tuesday cut its 2017 world oil demand growth forecast by 110,000 barrels per day to 1.51 million bpd.<\/p>\n
At the same time, members of an OPEC-led production agreement said on Tuesday total output reductions are more than 1.5 million barrels per day and are meeting their expectations.<\/p>\n
Source: Reuters<\/p>\n","protected":false},"excerpt":{"rendered":"
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