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Oil futures fell early Thursday, on track for back-to-back declines after data showing a sharp rise in U.S. crude inventories the previous session.
Traders said Middle East tensions could limit the potential for further downside.
Price moves
-
West Texas Intermediate crude
CL00,
-1.06%
for March delivery
CL.1,
-1.06% CLH24,
-1.06%
fell 50 cents, or 0.7%, to $76.14 a barrel on the New York Mercantile Exchange. -
April Brent
BRN00,
-1.02% BRNJ24,
-1.02% ,
the global benchmark, was off 52 cents, or 0.6%, to $51.08 a barrel on ICE Futures Europe.
Market drivers
WTI snapped a seven-day winning streak Wednesday after the Energy Information Administration reported that U.S . crude inventories rose by 12 million barrels for the week that ended Feb. 9.
The EIA data sent crude prices lower, but “with no breakthrough in cease-fire talks in the Middle East and with two OPEC+ members — Kazakhstan and Iraq — saying that they will address any excess output above the agreed voluntary cuts, any declines are likely to stay limited,” said Charalampos Pissouros, investment analyst at XM, in a note.
Iraq and Kazakhstan promised to comply with OPEC+ oil-production targets after failing to fully comply with output cuts last month, news reports said.
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