US Oil Prices Fall On US Oil Supply Worries

Equityworld Futures – Crude oil prices fell in late trading weekend early Saturday (25/02) suppressed fears of rising US supplies and traders began pulling out barrels of crude oil from storage.

Crude oil futures prices ended the US West Texas Intermediate fell 46 cents, or 0.8 percent, to $ 53.99 per barrel.

The price of Brent crude oil futures fell 58 cents at $ 56 a barrel at 14:35 ET (1935 GMT). This contract post the weekly rise only slightly.

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For the week, the price of WTI crude oil rose 1.1 percent. Weekly increase was largely supported by the optimism of the OPEC and non-OPEC producers such as Russia to cut production, and the level of compliance of participants increases. The increase was also supported by the US weekly inventories though rising, but still below analysts’ expectations.

Bookkeeping ahead of the weekend and ahead of the upcoming expiration February 28 in Brent for April delivery, heating oil for delivery in March, and March RBOB gasoline, also weighed on prices, analysts and traders said.

The latest sign of the US production of the new arrivals on Friday after the oilfield services company Baker Hughes reported a weekly basis from US refineries topped 600 for the first time since October 2015. Last week, drillers added 5 oil refineries.

US crude inventories rose 564,000 barrels in the week to February 17, the Energy Information Administration reported on Thursday, though gains were below analyst expectations for a 3.5 million barrel rise.

Compliance average OPEC reported by the International Energy Agency last at 90 percent in January, and based on the average production survey by Reuters, was 88 percent.

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