US crude falls by the increase in inventories in Cushing and Brent climbs

February 11, 2016 15:07

NEW YORK (Reuters) - US oil prices fell about 2 percent on Wednesday after it reported crude stocks in the delivery of US futures Center record highs, while the international measurement ore prices escalated Brent crude for the first time in five days after Russia proposed that lowers the top producers oil production by one million barrels per day.
Data from the US Energy Information Administration that inventories at the Center for delivery futures contract for US oil in Cushing, Oklahoma jumped to the highest level on record, near 65 million barrels.
And covered the increase in inventories in Cushing, a number that is more positive than the Energy Information Administration showed that commercial crude stocks in the United States fell for the first time in three weeks. Traders also pointed to the closures of refineries caused inflation inventories in Cushing, and expressed concern that crude refining slowdown may continue because of scheduled maintenance.
Said Tariq Zahir, a trader in oil contracts and fund manager at Capital Taiche Odwisorz in Long Island, New York, "because we are heading into maintenance season in refineries coupled with the arrival of Iranian oil to the market, any upward trend will be short-term."
US crude ended the decades to the nearest low trading session 49 cents, or 1.8 percent entitlement to $ 27.45 a barrel, after it had been approached earlier in the session of the lowest levels in 12 years.
Brent climbed 52 cents, or 1.7 percent recorded at the settlement of $ 30.84 a barrel. This is the first rise for Brent since the second of February, and came after a decline of 8 percent in the previous session.
The US Energy Information Administration data showed that crude oil inventories in the United States fell 754 thousand barrels last week due to lower imports. Analysts had expected an increase of 3.6 million barrels.
Despite this increased inventories at Cushing increased by 523 thousand barrels to 64.7 million barrels, a record high.
And the prospect of rising inventories greater than the chances of landing in the presence of millions of barrels of additional oil awaiting delivery in the United States.