Oil dropped as U.S. stockpiles were forecast to have expanded for a fourth week, raising questions about OPEC’s success in draining a global oversupply.
Crude in New York lost as much as 1.4 percent. Inventories in America rose by 3 million barrels last week, according to a Bloomberg survey. Oil has struggled to regain January’s highs as equities remain weak and a stronger dollar reduces the appeal of commodities priced in the U.S. currency.
West Texas Intermediate for April delivery fell 72 cents to $61.07 a barrel on the New York Mercantile Exchange as of 10:09 a.m. London time. Total volume traded was about 18 percent below the 100-day average. The March contract expired Tuesday after adding 22 cents to $61.90.
Brent for April settlement slipped 69 cents to $64.56 a barrel on the London-based ICE Futures Europe exchange. Prices dropped 0.6 percent to $65.25 on Tuesday. The global benchmark traded at a $3.49 premium to WTI.
Source : Bloomberg