WTI oil prices fell by 0.3 percent yesterday to close at $53.8 per barrel as US crude oil stocks witnessed gains for eight weeks in a row, thereby igniting concerns that the supply cut by OPEC will be overpowered by rising supplies from the US. The U.S. Energy Information Administration reported an increase of 1.5 million barrels in domestic crude-oil supplies for the week ended Feb. 24. Data from the government agency had already shown gains in each of the previous seven weeks and total crude inventories of 520.2 million barrels last week marks a new weekly record, based on EIA data. Also, Report from the American Petroleum Institute showed U.S. stockpiles rose 2.5 million barrels in the week to Feb. 24. Gasoline stockpiles rose unexpectedly and distillate stockpiles fell more than expected.
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