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Oil futures fall after latest stockpile build

Published 2016-03-22, 09:00 p/m
© Reuters. Oil futures fall after latest stockpile build
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TOKYO, March 23 (Reuters) - Oil prices fell in early Asian
trading on Wednesday after figures from an industry group showed
U.S. stockpiles had risen more than expected.
The front-month contract in U.S. crude futures CLc1 was
down 36 cents at $41.09 a barrel by 0047 GMT. It struck a 2016
high of $41.90 in the previous session before closing at $41.45.
Brent crude LCOc1 was 25 cents lower at $41.54, reversing
gains in the previous session when it finshed at $41.79.
The attacks on an airport and metro station in Brussels that
left at least 30 dead also heightened risk aversion for oil and
some other assets.
The American Petroleum Institute (API), an industry group,
said in a report after Tuesday's oil market settlement that U.S.
crude stockpiles rose almost 9 million barrels last week to
reach a record high of nearly 532 million. API/S
The stockpile growth reported by the API was nearly 6
million barrels above estimates from analysts polled by Reuters.
Official crude inventory data from the U.S. government will be
released later on Wednesday. EIA/S
"Near-term direction is likely to centre on the degree of
increase in U.S. stockpiles," ANZ bank said in a note on
Wednesday.
Adding to the abiding glut is the revival of Iranian barrels
on the international market after sanctions were lifted in
January.
Iran's crude oil exports have risen to 2.2 million barrels
per day (bpd) since sanctions were lifted, an increase of
900,000 bpd, a senior official was quoted as saying on Tuesday.
"Until January we could only export 1.3 million barrels of
oil but two months after the (lifting of) sanctions we are
exporting 2.2 million barrels of oil per day," Vice President
Eshaq Jahangiri was quoted as saying by the Shana agency.

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