Oil prices not here to stay: Both Brent and WTI continue losing streak
RT.com
March 18, 2015
The US benchmark, West Texas Intermediate crude fell 2.9 percent to $42.21 per barrel, making it the seventh consecutive day of loss. Inventories, especially in the US, are overstocked.
Brent oil futures for April were hit equally hard as WTI, losing 0.5 percent to $53.44 a barrel on Wednesday. Most analysts agree that low oil prices will persist through 2015, weighed down by oversupply, mostly from US shale.
US crude inventories probably expanded by 4.4 million barrels to 453.3 million last week, according to a Bloomberg News survey. Figures from the industry-funded American Petroleum Institute indicated supplies rose by 10.5 million barrels last week.
On Tuesday, the American Petroleum Institute reported that US crude inventories stood at 450 million barrels in the week to March 13, a 10.5 million barrel increase. Official inventory will be reported by the US Energy Information Administration on Wednesday. A Bloomberg News survey forecasts that US crude inventories rose by 4.4 million barrels to 453.3 million last week.
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