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Friday, 24 February 2017

Commodity Market; Oil Slips As Stockpiles Rise For Seventh Week

U.S. oil prices fell on Friday after government data released late in the previous session showed stockpiles rose last week for a seventh straight week, although losses were muted as inventory growth was well below expectations. U.S. West Texas Intermediate fell 12 cents, or 0.2%, to $54.33 a barrel by 0323 GMT, having closed up 1.6% in the previous session. It was on track for a weekly gain of about 1.8%, which would be its strongest so far this year. Brent crude was trading down 12 cents, or 0.2%, at $56.46. The contract rose 1.3% cents in the previous session to settle at $56.58, and was on track for a weekly gain of about 1.1%.

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