Oil prices fell on Thursday, as U.S. crude inventories rose sharply last week, stoking concerns over possible supply glut.
U.S. commercial crude oil inventories increased by 3.7 million barrels from the previous week, the U.S. Energy Information Administration said Thursday in its latest weekly report.
At 454.5 million barrels, U.S. crude oil inventories are about 6 percent above the five year average for this time of year.
The West Texas Intermediate for April delivery was down 0.20 U.S. dollar to settle at 56.96 dollars a barrel on the New York Mercantile Exchange and the Brent crude for April delivery was down 0.01 dollar to settle at 67.07 dollars a barrel on the London ICE Futures Exchange.
U.S. commercial crude oil inventories increased by 3.7 million barrels from the previous week, the U.S. Energy Information Administration said Thursday in its latest weekly report.
At 454.5 million barrels, U.S. crude oil inventories are about 6 percent above the five year average for this time of year.
The West Texas Intermediate for April delivery was down 0.20 U.S. dollar to settle at 56.96 dollars a barrel on the New York Mercantile Exchange and the Brent crude for April delivery was down 0.01 dollar to settle at 67.07 dollars a barrel on the London ICE Futures Exchange.
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