DAILY COMMODITY MARKET STRATEGY- 23 Mar 2016
Oil futures fall after latest stockpile build
Oil prices fell in early Asian trading on Wednesday after figures from an industry group showed US stockpiles had risen more than expected. The front-month contract in US crude futures was down 36 cents at USD 41.09 a barrel by 0047 GMT. It struck a 2016 high of USD 41.90 in the previous session before closing at USD 41.45.
Brent crude was 25 cents lower at USD 41.54, reversing gains in the previous session when it finished at USD 41.79.
The stockpile growth reported by the API was nearly 6 million barrels above estimates from analysts polled by Reuters. Official crude inventory data from the US government will be released later on Wednesday.
Iran's crude oil exports have risen to 2.2 million barrels per day (bpd) since sanctions were lifted, an increase of 900,000 bpd, a senior official was quoted as saying on Tuesday.
Oil prices fell in early Asian trading on Wednesday after figures from an industry group showed US stockpiles had risen more than expected. The front-month contract in US crude futures was down 36 cents at USD 41.09 a barrel by 0047 GMT. It struck a 2016 high of USD 41.90 in the previous session before closing at USD 41.45.
Brent crude was 25 cents lower at USD 41.54, reversing gains in the previous session when it finished at USD 41.79.
The stockpile growth reported by the API was nearly 6 million barrels above estimates from analysts polled by Reuters. Official crude inventory data from the US government will be released later on Wednesday.
Iran's crude oil exports have risen to 2.2 million barrels per day (bpd) since sanctions were lifted, an increase of 900,000 bpd, a senior official was quoted as saying on Tuesday.
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