Oil
fell for a second day before U.S. government data forecast to show
crude stockpiles in the world™s biggest consumer expanded to a record
level.
Futures
slid as much as 3.7 percent in New York. Crude supplies probably rose
by 3 million barrels to 420.9 million through Feb. 13, according to a
Bloomberg News survey before a report Thursday from the Energy
Information Administration. That would be the highest in weekly records
compiled by the EIA since August 1982. Industry data Wednesday showed
inventories climbed by 14.3 million barrels, according to reports on
Twitter.
Rising
U.S. crude stockpiles contributed to a global glut that drove prices
almost 50 percent lower in 2014. Marathon Oil Corp. will cut an
additional 20 percent from its spending plan for this year, as companies
including Royal Dutch Shell Plc and Chevron Corp. reduce investments in
response to the collapse.
West
Texas Intermediate for March delivery dropped as much as $1.91 to
$50.23 a barrel in electronic trading on the New York Mercantile
Exchange and was at $50.70 at 1:24 p.m. Sydney time. The contract fell
$1.39 to $52.14 on Wednesday. The volume of all futures traded was about
39 percent above the 100-day average. Prices have decreased 4.8 percent
this year.
Source : Bloomberg
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