Oversupply dissipated previous oil gains

2016/3/10 15:44

{International: Euphrates News} Oil prices fell during trading on Thursday in light of the continued supply glut of crude in the international markets, which overwhelm demand.
The drop in oil prices after US crude hit its highest level for 2016 in the previous session, and pass the Brent below $ 40 a barrel, but prices returned to retreat with analysts warning of the difficulty of achieving the largest gains in light of the continued oversupply.
Analysts say that the "markets are also affected by expectations for further stimulus from the European Central Bank this week, which will strengthen the dollar against the euro, has curbed oil trade denominated in US currency."
By 10:50 Moscow time futures for Brent crude {} global recorded to $ 40.69 a barrel, down 38 cents from the previous close, as US crude fell 25 cents, or 0.65% to hit 38.04 dollars a barrel.
Meanwhile, data showed the US Energy Information Administration on Wednesday that "commercial crude oil inventories in the United States hit a record new high for the fourth consecutive week, despite a decline in imports, the decline in distillate and gasoline inventories more than expected."
Crude inventories fell by 3.9 million barrels for the week ending 4 March / March, tracts analysts' forecasts of up to 521.9 million barrels, the highest level ever. Ended h