West
Texas Intermediate oil pared gains after a government report showed
that U.S. fuel stockpiles surged. Brent earlier slipped below $50 a
barrel for the first time since May 2009.
Inventories
of distillate fuel, a category that includes heating oil and diesel,
increased by a record 11.2 million barrels last week, the Energy
Information Administration said. Gasoline stockpiles advanced 8.12
million barrels while crude supplies decreased 3.06 million.
Crude
slumped by 48 percent last year, the most since the 2008 financial
crisis, as the U.S. pumped at the fastest pace in more than three
decades and the Organization of Petroleum Exporting Countries decided to
maintain its output ceiling. The oversupply may take œmonths or years
to be absorbed, United Arab Emirates Energy Minister Suhail Al Mazrouei
said.
WTI
for February delivery increased 40 cents, or 0.8 percent, to $48.33 a
barrel at 11:08 a.m. on the New York Mercantile Exchange, paring an
advance of as much as 2.9 percent. Futures earlier touched $46.83, the
lowest level since April 2009. The volume of all futures traded was 58
percent above the 100-day average for the time of day.
Source: Bloomberg
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