News: West Texas Intermediate back below US$50 a barrel

  1. West Texas Intermediate crude oil settled below US$50 a barrel overnight, pressured by an industry report saying U.S. crude stocks rose from a record high.

    West Texas Intermediate for March delivery fell 2.4% to settle at US$48.84 a barrel on the New York Mercantile Exchange.

    U.S. crude inventories rose 4.868 million barrels last week, according to the Energy Information Administration.

    Analysts polled by Reuters had expected U.S. crude inventories to rise 3.7 million barrels last week, adding to record highs of above 413 million in the week ended January 30.

     

 
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