Investing.com - West Texas Intermediate oil futures added to losses on Thursday, after data showed that oil supplies in the U.S. rose more than expected last week, exacerbating fears over a glut in supplies.
On the New York Mercantile Exchange, crude oil for delivery in February tumbled $1.29, or 2.7%, to trade at $46.49 a barrel during U.S. morning hours. Prices were at around $47.01 a barrel prior to the storage report.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 10.1 million barrels in the week ended January 16, compared to expectations for an increase of 2.7 million barrels.
Total U.S. crude oil inventories stood at 397.9 million barrels as of last week.
The report also showed that total motor gasoline inventories increased by 0.6 million barrels, below expectations for a gain of 1.3 million, while distillate stockpiles decreased by 3.3 million barrels.
The data came out one day later than usual due to Monday's Martin Luther King, Jr. holiday in the U.S.
Elsewhere, on the ICE Futures Exchange in London, Brent oil for March delivery shed 66 cents, or 1.34%, to trade at $48.38 a barrel.
Earlier in the day, the European Central Bank announced that it would launch a €60 billion monthly bond buying program that would start in March and last until September 2016, in a bid to stave off the threat of deflation in the euro area and boost growth.
The QE announcement pressured the euro and sent the dollar higher, weighing on dollar-denominated commodities.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was up 1.1% to hit a 12-year high of 94.03.
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WTI oil futures add to losses after weekly U.S. supply report
Published 01/22/2015, 11:07 AM
Updated 01/22/2015, 11:07 AM
WTI oil futures add to losses after weekly U.S. supply report
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