Oil Dive as Note US Crude Ordinary Offset Falling Libya Output
SINGAPORE: Oil prices dipped on Thursday, ending two days of increases as record U.S. crude inventories outweighed a fall in gasoline stocks and disruptions in Libyan supplies.Prices for front-month Brent crude futures, the international benchmark for oil, were at $52.31 per barrel at 0151 GMT, down 11 cents from their last close. In the United States, West Texas Intermediate (WTI) crude futures dropped 4 cents to $49.47 a barrel. The falls came after two days of price increases which supported Brent above $50 a barrel and lifted WTI close to that level. Traders said record U.S. crude inventories were behind the price dips. U.S. crude inventories rose 867,000 barrels in the week ending March 24.Total inventories were at a record of nearly 534 million barrels, the Energy Information Administration (EIA) said on Wednesday. Despite this, ANZ said on Thursday that prices received some support from Libyan oil output falling to about 500,000 barrels per day (bpd) due to the shutdown of pipelines from its biggest field. And while a rise in U.S. crude inventories weighed, ANZ said that "big falls in gasoline inventories, coming near the end of the refinery maintenance season, suggest crude oil inventories are on the cusp of declining".Gasoline stocks fell 3.7 million barrels, compared with expectations for a 1.9-million barrel drop.
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