(Before It's News)
West Texas Intermediate oil futures reversed gains in North America trade on Wednesday, after data showed that oil supplies in the U.S. rose sharply last week, underlining concerns over a slowing demand for oil products. Crude oil for delivery in March on the New York Mercantile Exchange shed 9 cents, or 0.3%, to $29.79 a barrel by 15:35GMT, or 10:35AM ET. Prices were at around $30.35 prior to the release of the inventory data The U.S. Energy Information Administration said in its weekly report that crude oil inventories increased by 7.8 million barrels in the week ended January 29. Market analysts’ expected a crude-stock rise of 4.8 million barrels, while the American Petroleum Institute late Tuesday reported a supply gain of 3.9 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 747,000 barrels last week, the EIA said, disappointing forecasts for a decline of 300,000 barrels. Total U.S. crude oil inventories stood at 502.7 million barrels as of last week, remaining near levels not seen for this time of year in at least the last 80 years. Gasoline inventories increased by 5.9 million barrels, compared to expectations for a gain of 1.7 million barrels, while distillate stockpiles decreased by 0.8 million barrels. On Tuesday, New York-traded oil futures sank $1.74, or 5.5%, to close below the $30-level, as investors worried that a huge oversupply in crude was coinciding with a global economic slowdown, especially in China.
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