Widening supplies in the globe's top consumer prompted West Texas Intermediate crude oil futures to lose value on Thursday as the energy commodity dropped from its top level in about 21 days, according to Bloomberg.
Generation of the energy commodity rose to its highest level since 1986, according to data released by the Energy Information Administration, which is the accounting arm of the U.S. Department of Energy.
"The latest EIA data showed crude stocks building counter-seasonally, increasing the overhang," states a report penned by chief oil market strategist Amrita Sen with research company Energy Aspects Ltd. in London, according to the news source. "This was a result of refinery runs falling for the fourth straight week. We expect U.S. production to remain on its robust growth path."
At 10:13 a.m. on Thursday, WTI crude oil futures fell 0.6 percent, a 61-cent loss to $101.76 per barrel. At 10:14 a.m., Brent crude oil futures edged up 0.15 percent, a 16-cent lift to $110.35 per barrel.
Reuters reports concerns are still strong about the integrity of supply lines amid the ongoing strife between Ukraine and Russia.
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