Climbing supplies in the globe's top consumer prompted West Texas Intermediate crude oil futures to lose value on Thursday as the energy commodity dropped to its lowest value in about six weeks, according to Bloomberg.
Inventories rose by 1.7 million barrels last week to amount to 399.4 million, representing the top mark since the Energy Information Administration began tabulating weekly supply figures in the early 1980s. The EIA is the accounting arm of the U.S. Department of Energy.
"It's hard to be bullish with oil supplies near records," senior market analyst Phil Flynn with the Price Futures Group in Chicago told the news source on Thursday. "Barring a disruption of supply or a major ratcheting up of tension in Ukraine, we could see a dramatic drop in oil prices. Crude, gasoline and diesel have probably peaked for a long time."
At 10:16 a.m. on Thursday, WTI crude oil futures fell 0.73 percent, a 73-cent loss to $99.01 per barrel. Brent crude oil futures edged down 1.05 percent, a $1.14 dive to $106.93 per barrel.
Reuters reports oil-rich Libya is forecast to strengthen its production of oil.
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