Oil eases off 1-month peak as traders eye Cushing build, U.S. supply
NEW YORK — Oil futures turned lower on Wednesday, pulling back after eight straight sessions of gains after U.S. crude inventory data suggested that the market was still heavily supplied. Traders focused on preliminary U.S. production estimates in the weekly EIA report that suggested domestic output is still climbing.
The report also showed stockpiles at the U.S. crude hub at Cushing, Oklahoma, rose 276,000 barrels in the week. Brent crude futures were down 30 cents at $55.93 a barrel by 1:43 p.m. EDT (1743 GMT), after hitting a one-month high of $56.65. U.S. West Texas Intermediate (WTI) crude futures were down 20 cents at $53.20 a barrel, after touching the highest since March 7 at $53.76.
Both contracts had initially jumped to the highest in more than a month, the eighth straight session of gains, after Saudi Arabia was reported to be pushing fellow OPEC members and some rivals to prolong supply cuts beyond June. Recommendations on Share market and more go through our website from here link below and let us to know you more: