Oil
futures staged an intraday U-turn on Thursday, settling lower and
giving up a portion of 8% leap seen a day earlier, as doubts over the
potential for a production cut among major producers offset earlier
support from weakness in the U.S. dollar.
March
West Texas Intermediate crude fell by 56 cents, or 1.7%, to settle at
$31.72 a barrel on the New York Mercantile Exchange. Prices had surged
earlier to $33.60, which would have marked the highest settlement since
Jan. 29.
April
Brent crude the global oil benchmark, lost 58 cents, or 1.7% to $34.46 a
barrel on London’s ICE Futures exchange, retreating from a high of
$35.84.
WTI
prices jumped Wednesday despite data from the U.S. Energy Information
Administration that showed a bigger-than-expected 7.8 million-barrel
weekly increase in crude stockpiles. The increase lifted total U.S.
supplies to 502.7 million barrels, the highest weekly level on record,
based on EIA data going back to the 1980s.
Source: MarketWatch
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