NEW YORK, NETRALNEWS.COM - The rise in the US crude oil stockpiles causes world oil prices fall on Wednesday (3/1/2017).
The US Energy Information Administration (EIA) released US crude oil inventories rose 1.5 million barrels in the week ending on February 24 to 520.2 million barrels, up 6.9 percent from the same period last year.
Xinhua reported that consecutive rise in the US oil stockpiles have triggered fears that efforts of the world's major producers to cut their production may be insufficient to reduce oversupply of oil worldwide.
US benchmark light sweet crude or West Texas Intermediate (WTI) for delivery in April dropped $0.18 to stay at $53.83 a barrel on the New York Mercantile Exchange.
Meanwhile, the global benchmark, Brent North Sea crude oil for May’s delivery fell $0.15 to close at $56.36 a barrel on London's ICE Futures Exchange. (*)