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| Commodity News |
| HeadLine : |
Oil dips as record U.S. crude stocks outweigh falling Libya output |
| Date : |
Mar 30 2017 |
Oil prices dipped on Thursday, ending two days of increases as record U.S. crude inventories outweighed a fall in gasoline stocks and disruptions in Libyan supplies.
The falls came after two days of price increases which supported Brent above $50 a barrel and lifted WTI close to that level.
Traders said record U.S. crude inventories were behind the price dips.
U.S. crude inventories rose 867,000 barrels in the week ending March 24. Total inventories were at a record of nearly 534 million barrels, the Energy Information Administration (EIA) said on Wednesday.
Despite this, ANZ said on Thursday that prices received some support from Libyan oil output falling to about 500,000 barrels per day (bpd) due to the shutdown of pipelines from its biggest field.
Source:Reuters
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