31 Mar '16, 4am

Oil falls as U.S. crude stocks hit record for seventh week in a row: SINGAPORE (Reuters) - Oil futures fell in...

Oil falls as U.S. crude stocks hit record for seventh week in a row: SINGAPORE (Reuters) - Oil futures fell in...

SINGAPORE Oil futures fell in Asian trade on Thursday, with U.S. crude hitting the lowest level in more than two weeks, amid renewed worries of global oversupply after U.S. crude inventories rose to a record high. That increase came despite seasonal refinery utilisation hitting an 11-year high, while a rise in the dollar index put further pressure on oil prices. Brent crude futures fell 45 cents to $38.81 a barrel as of 0518 GMT. It ended up 12 cents in the previous session after touching a session peak of $40.61. The front-month contract for U.S. crude futures dropped 53 cents to $37.79 a barrel, after dropping to $37.74 earlier, the lowest since March 16. It settle up 4 cents in the previous session following a gain of 3 percent earlier in the session. Prices will "zig-zag" for the rest of the year, said Tony Nunan, oil risk manager at Japan's Mitsubishi Corp. U.S. crude...

Full article: http://www.reuters.com/article/us-global-oil-idUSKCN0WX00...

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