West Texas Intermediate crude oil futures on Tuesday were losing value and set to notch a fourth-consecutive trading session of losses amid projections that U.S. inventories are pushing toward their highest level since 1931, according to Bloomberg.
For week ended May 10, supplies of the energy commodity likely pushed higher by 450,000 barrels to amount to 396 million barrels, according to a poll administered by the news source. The U.S. Energy Department is prepared to release official data on Wednesday.
"Supply-demand is skewed to the oversupply side," analyst Michael Poulsen with Global Risk Management in Middelfart, Denmark, told the news source on Tuesday. "There is currently a lot of spare capacity and global crude overproduction. The multi-decade high in U.S. supply will keep weighing on WTI."
At 10:54 a.m. on Tuesday, WTI crude oil futures slipped 0.09 percent, a 9-cent loss to $95.08 per barrel. Brent crude oil futures fell 0.35 percent, a 36-cent loss to $102.46 per barrel.
The Wall Street Journal reports the Organization of the Petroleum Exporting Countries is gradually increasing its generation of the energy commodity.
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