Oil traded near the
lowest price in almost a week after U.S. crude inventories increased the
most in 14 years, expanding further from a record.
Futures rose as much
as 1.3 percent in New York, trimming a 6.6 percent drop on Wednesday.
Stockpiles surged by 10.95 million barrels last week, the biggest volume
gain since March 2001, the Energy Information Administration reported.
The global market will need “some time” to re-balance, according to
Nasser Al-Dossary, an adviser to the oil minister of Saudi Arabia, the
world’s largest crude exporter.
Oil’s recovery has
stalled amid speculation a global glut that drove prices almost 50
percent lower in 2014 will persist. U.S. crude stockpiles have climbed
to 482.4 million barrels, the highest level in weekly EIA data compiled
since August 1982. The nation’s output also rebounded to near a record
pace, according to the Energy Department’s statistical arm.
West Texas
Intermediate for May delivery advanced as much as 66 cents to $51.08 a
barrel in electronic trading on the New York Mercantile Exchange and was
at $50.94 at 10:44 a.m. Sydney time. The contract fell $3.56 to $50.42
on Wednesday, the lowest close since April 2. Total volume was about 70
percent below the 100-day average. Prices have decreased 4.4 percent
this year.
Brent for May
settlement rose as much 63 cents, or 1.1 percent, to $56.18 a barrel on
the London-based ICE Futures Europe exchange. It slid $3.55 to $55.55 on
Wednesday. The European benchmark crude traded at a premium of $5.14 to
WTI.
Source : Bloomberg
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