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West Texas Intermediate oil futures settled near US$47 a barrel overnight with prices marking their lowest settlement since late January following a ninth straight weekly increase in U.S. supplies.
West Texas Intermediate for delivery in April settled down 2.3% at US$47.05 a barrel on the New York Mercantile Exchange.
Prices haven’t settled this low since January 29 based on the most-active contracts.
April Brent crude on London’s ICE Futures exchange fell 0.8% to US$57.08 a barrel after finding support earlier from ongoing violence by Islamic State militants in Iraq.
Data yesterday from the U.S. Energy Information Administration showed that crude-oil inventories rose by a more-than-expected 4.5 million barrels to 448.9 million barrels in the week ended March 6.
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