Oil turns negative after US crude stocks build to record high
US futures turning negative after crude inventories in the US rise to a record high
New York — Oil prices pared gains on Wednesday, with US futures turning negative, after crude inventories in the US rose to a record high. US crude stockpiles rose 1.5-million barrels last week, less than forecast, but touching a record high at 520.2-million barrels after eight straight weekly builds. The consecutive increases have fuelled worries that demand growth may not be sufficient to soak up the global oil glut despite a deal by major oil producers to cut output during the first half of the year. By 3.58pm GMT, US West Texas Intermediate (WTI) futures for April delivery was down 9 cents at $53.92, down from $54.44 earlier in the session. May Brent crude futures was 2 cents higher at $56.51 a barrel after earlier trading as high as $57.05 a barrel. Reuters
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