Rising oil price arrested by oversupply fears

April 8, 2015 5:03 AM

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Crude inventories in the US, the world's largest oil consumer, rose to 471.4 million barrels through March 27, the highest level in weekly EIA records dating back to August 1982. Stockpiles increased by 12.2 million barrels last week, the industry-funded American Petroleum Institute in Washington reported Tuesday, a person familiar with the data said.

The EIA reduced its 2015 production estimate by 120,000 barrels from last month's forecast to 9.23 million, its monthly Short-Term Energy Outlook showed on Tuesday. The number of rigs targeting oil decreased to 802 last week, the fewest since March 2011, according to Baker Hughes, an oilfield servic...

Also read: Oil prices hold gains after surge on OPEC output deal

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