Crude Oil futures were pressured early Thursday, after government data showed that crude oil inventories in the United States increased unexpectedly last week.
The energy markets might be losing further steam during the session today, since the Energy Information Administration (EIA) yesterday reported that crude stockpiles rose 0.9 million barrels for the week ended May 9, trailing analysts` average forecast for a decline of 1.5 million barrels.
The EIA data also showed that production rose 78 thousand barrels a day to 8.428 million, the most since October 1986.
Two days ago, the International Energy Agency (IEA) predicts the US will top Saudi Arabia and Russia, becoming the world`s largest petroleum producer within the next two years.
Meanwhile, both benchmarks are kindly holding near their weekly highs, supported by fresh risks of supply disruption from Russia, with the ongoing unrest in Ukraine`s eastern regions.
The Russia-Ukraine gas dispute is center stage this weekend as Mosocw said it is willing to resume the talks if Kiev settles part of its gas debt.
Russia provides about a quarter of the natural gas consumed in the European Union, nearly 80% of those exports travel via pipelines across Ukrainian soil before arriving in the EU.
As of 03:15 a.m. ET:
- West Texas Intermediate for May delivery fell 0.41% to $101.95 a barrel on the New York Mercantile Exchange
- Brent Oil for May delivery fell 0.32% to $109.84 a barrel on the ICE exchange in London
- NYMEX Natural Gas fell 0.53% to $4.344 per British thermal units