Home / TIPS / MTECHTIPS:-U.S. crude falls to weekly low, amid considerable inventory build

MTECHTIPS:-U.S. crude falls to weekly low, amid considerable inventory build

MTECHTIPS:-U.S. crude falls to weekly low, amid considerable inventory build

 U.S. crude futures fell to the lowest level in more than a week on Thursday, as a considerable build in crude stockpiles last week exacerbated concerns over a glut of oversupply on global energy markets. For most of Thursday’s session, crude futures were on track to settle at their lowest level in two weeks until rallying in the final minutes before the close of trading. On the New York Mercantile Exchange, WTI crude for November delivery traded between $45.25 and $46.61 a barrel before settling at 46.34, down 0.30 or 0.63% on the session. At one point, Texas Long Sweet futures fell to its lowest level on Thursday in nine sessions. Since surging above $50 a barrel last week to an 11-week high, U.S. crude futures have closed in the red in each of the last four sessions. On the Intercontinental Exchange (ICE), brent crude for December delivery wavered between $48.70 and $49.84 a barrel before closing at $49.74, up 0.05 or 0.10% on the day. With the slight gains, brent futures halted a four-day losing streak. On Thursday morning, the U.S. Energy Information Administration (EIA) said U.S. crude inventories for the week ending on Oct. 9 surged by 7.6 million barrels, significantly above forecasts for a build of 2.8 million barrels. A bevy of analysts expected to see a considerable weekly increase after the American Petroleum Institute reported a build of 9.3 million barrels for the week on Wednesday evening. At 468.6 million barrels, U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years.

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