Oil prices vacillate as US crude stockpiles fall more than expected
New York — Oil prices bounced between positive and negative territory on Wednesday after US crude stockpiles fell more than expected, though this was somewhat offset by a larger-than-forecast rise in petrol inventories and more growth in US oil production. Expectations for an extended shutdown of a major North Sea crude pipeline continued to bolster Brent crude, the world oil benchmark. US crude inventories dropped by 5.1-million barrels, more than anticipated, and US production figures hit another new record at 9.78-million barrels per day (bpd) for weekly data. The US peak, when records were only kept on a monthly basis, is 10.04-million bpd, set in November 1970. "The report is modestly supportive on the large crude oil inventory decline. The decline was offset mightily by the large increase in petrol inventories," said John Kilduff, partner at energy hedge fund Again Capital in New York. US West Texas Intermediate (WTI) crude fell 3c to $57.11 a barrel as of 3.57pm GMT. Brent cr...
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