Oil prices fall as US crude stock builds
Picture used for illustrative purpose. File
Gulf Today Report
Oil prices slid on Wednesday due to an unexpected build in US crude stocks last week as a deep freeze affected demand and forced refineries to shut.
US West Texas Intermediate (WTI) crude futures were down 56 cents or 0.9% at $61.11 a barrel at 05:06 GMT while Brent crude futures fell 35 cents, or 0.5%, to $65.02 a barrel.
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"It looks like supply will recover faster than refineries, and supply is going to outpace demand in the next few weeks. That will give negative weight to the market,” said Vivek Dhar, Commonwealth Bank analyst.
The price retreat is being seen as a pause following a rally of more than 26% to 13-month highs in both Brent and WTI since the start of the year.
Traffic is slowly returning back to normal at the Huston shipping channel but terminals are still facing issues.
