Oil traded below $50 a barrel before U.S. government data forecast to show crude inventories increased further from a record level.Futures were 0.5 percent higher in New York. Stockpiles probably expanded by 3.95 million barrels last week, according to a Bloomberg News survey before an Energy Information Administration report on Wednesday. They climbed over the prior seven weeks to 434.1 million, the most in records compiled by the EIA dating back to August 1982.
Rising U.S. supplies contributed to a supply glut that drove prices almost 50 percent lower in 2014. West Texas Intermediate may fall as low as $32 a barrel as support from heating-oil demand fades as winter ends, Bank of America Corp. said in a research note Monday.
WTI for April delivery rose as much as 42 cents to $50.01 a barrel in electronic trading on the New York Mercantile Exchange and was at $49.82 at 10:48 a.m. Sydney time. The contract slid 17 cents to $49.59 on Monday.
Brent for April settlement dropped $3.04, or 4.9 percent, to $59.54 a barrel on the London-based ICE Futures Europe exchange on Monday. The European benchmark crude ended the session at a premium of $9.95 to WTI. It closed at $12.82 on Feb. 27, the widest gap since January 2014.
Source : Bloomberg
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