$DWT $UWT U.S. crude oil futures tumbled to a one
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Posted On: 02/07/2018 5:30:35 PM
$DWT $UWT [As called last week] U.S. crude oil futures tumbled to a one-month low $61.79/bbl, -2.5%, following a second straight weekly rise in U.S. crude stockpiles and record domestic production.
Brent crude losses were slightly lighter, -2% at $65.51, after the Forties pipeline in the North Sea was shut due to the closure of a feed control valve; operator Ineos says it hopes to resolve the issue by tonight.
The EIA reported a 1.9M-barrel increase in weekly domestic crude supplies as well as a jump in U.S. production of 332K barrels to total 10.25M bbl/day, a weekly record based on EIA data going back to 1983 - results sure to “bring the remaining bears out of hibernation," says James Williams, energy economist at WTRG Economics.
Brent crude losses were slightly lighter, -2% at $65.51, after the Forties pipeline in the North Sea was shut due to the closure of a feed control valve; operator Ineos says it hopes to resolve the issue by tonight.
The EIA reported a 1.9M-barrel increase in weekly domestic crude supplies as well as a jump in U.S. production of 332K barrels to total 10.25M bbl/day, a weekly record based on EIA data going back to 1983 - results sure to “bring the remaining bears out of hibernation," says James Williams, energy economist at WTRG Economics.
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