Oil prices, hit by strong US crude inventories, make fresh dip

At 466.7 million barrels, US crude oil inventories are at the highest level for this time of year in at least 80 years: EIA

Published Wed, Mar 25, 2015 · 09:50 PM

Opec

Singapore

CRUDE prices took a fresh hit on Wednesday night, as a report on record US oil stockpiles trumped a weaker US dollar.

The report, published weekly by the US Energy Information Administration (EIA), disclosed that US commercial crude oil inventories jumped by 8.2 million barrels for the week ended March 20, 2015 from the previous week. "At 466.7 million barrels, US crude oil inventories are at the highest level for this time of year in at least the last 80 years," it said.

At 10.54pm (Singapore time) on Wednesday, 24 minutes after the release of the report, US crude benchmark West Texas Intermediate (WTI) futures for May delivery was trading 50 cents down at US$47.47; its international counterpart Brent fell 70 ce…

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