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Oil falls as U.S. crude stocks hit record for seventh week

Published 31/03/2016, 12:47
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Investing.com - Oil prices fell on Thursday, with U.S. crude hitting its lowest level in more than two weeks, amid renewed worries of global oversupply after U.S. inventories rose to a fresh record high. Brent crude fell 39 cents to $39.71 a barrel as of 10.51 GMT. U.S. crude futures dropped 54 cents to $37.78 a barrel.
U.S. crude stockpiles rose by 2.3 million barrels to 534.8 million barrels in the week to March 25, the seventh week at record high levels, data from the U.S. Energy Information Administration showed. Concerns over global oversupply were further fuelled after crude output from OPEC rose in March, according to a Reuters survey.

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