Brent crude oil fell below $60 (£39) a barrel on Friday as oversupply, supported by record-high U.S. crude stocks, weighed on the market. U.S. crude inventories rose 7.7 million barrels to 425.6 million last week, rising for a sixth straight week to record highs, data from the Energy Information Administration (EIA) showed on Thursday. Stockpiles of West Texas Intermediate (WTI) U.S. crude at the Cushing oil hub in Oklahoma rose the most in six years, the EIA said. "With total crude stocks now about 425 million barrels and Cushing north of 46 million barrels, WTI is looking increasingly mispriced high above $52 per the April contract," said Jeffries Futures analysts in a note to traders.
via Business News http://ift.tt/1EwIFRW
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