NEW YORK, March 27 (Xinhua) -- Oil prices sank on Wednesday after newly-released data showed an unexpected increase in U.S. crude stockpiles last week.
U.S. crude oil inventories increased in the week ending March 22, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.
According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased by 2.8 million barrels from the previous week. At 442.3 million barrels, the crude oil inventories were about 2.9 percent above their level a year ago, showed the report.
The surprising buildup of inventories implied weaker demand and more pressure on crude prices.
The West Texas Intermediate for May delivery decreased 0.53 dollar to settle at 59.41 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery was down 0.14 dollar to close at 67.83 dollars a barrel on the London ICE Futures Exchange.
U.S. crude oil inventories increased in the week ending March 22, the U.S. Energy Information Administration (EIA) said in a report on Wednesday.
According to the Weekly Petroleum Status Report, U.S. commercial crude oil inventories, excluding those in the Strategic Petroleum Reserve, increased by 2.8 million barrels from the previous week. At 442.3 million barrels, the crude oil inventories were about 2.9 percent above their level a year ago, showed the report.
The surprising buildup of inventories implied weaker demand and more pressure on crude prices.
The West Texas Intermediate for May delivery decreased 0.53 dollar to settle at 59.41 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for May delivery was down 0.14 dollar to close at 67.83 dollars a barrel on the London ICE Futures Exchange.
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