Oil
held the biggest loss in six weeks as rising U.S. crude stockpiles kept
supplies at the highest level in more than eight decades.
Futures
dropped as much as 0.9 percent in New York after slumping 4 percent
Wednesday, the most since Feb. 11. Inventories rose by more than three
times what was projected in a Bloomberg survey, while imports last week
increased to the highest since June 2013, Energy Information
Administration data showed. Iraq will attend a meeting between major
exporters in Doha next month, according to an oil ministry spokesman.
WTI
for May delivery slid as much as 34 cents to $39.45 a barrel on the New
York Mercantile Exchange and was at $39.52 at 8:29 a.m. Hong Kong time.
The contract fell $1.66 to $39.79 Wednesday. Total volume traded was
about 40 percent below the 100-day average. Front-month prices are up
0.2 percent this week, heading for a sixth weekly advance.
Brent
for May settlement was 18 cents lower at $40.29 a barrel on the
London-based ICE Futures Europe exchange. The contract declined $1.32 to
$40.47 on Wednesday. The global benchmark crude was at a 77-cent
premium to WTI.
Source : Bloomberg
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