Oil prices fell to three-month lows on Thursday as producers continued to pump more than needed, filling inventories, and economic growth prospects darkened. Brent crude oil was down 50 cents at $42.97 a barrel by 1010 GMT, after touching $42.88, its lowest since April 20. U.S. light crude was down 20 cents at $41.72. U.S. government data on Wednesday revealed a surprise rise in crude and gasoline inventories. The build added to an already huge global refined product glut just as slowing economic growth dents the demand outlook. "U.S. commercial stocks are a good reflection of the oversupplied nature of the global oil market," said Tamas Varga, lead oil analyst at London brokerage PVM Oil Associates. Oil markets have been dogged by oversupply for the last two years and fell by as much as 70 percent between 2014 and early 2016, when Brent hit the lowest in more than a decade at around $27 per barrel. Markets have since recovered some ground but oil remains very weak and low refining margins are hurting energy companies. Energy major Royal Dutch Shell reported a more than 70 percent fall in quarterly profit on Thursday, well below analysts' estimates, as weak oil and gas prices further ate into revenue. Shell's net income came in at $1 billion in the second quarter, compared with expectations of $2.2 billion and $3.8 billion achieved in the same period last year.
Market Trends

Brent crude oil Thursday March 2

Brent crude oil  Thursday March 2

Buz Investors Brent crude oil Thursday The commodity is trading at $53.38 per barrel at 10:40 GMT this morning, 0.54% lower from the New York close.

Oil

Buz Investors Brent crude oil  Thursday  The commodity is trading at $53.38 per barrel at 10:40 GMT this morning, 0.54% lower from the New York close. Crude oil witnessed a high of $53.78 per barrel and a low of $53.30 per barrel during the session. In the New York session yesterday, crude oil fell 0.96% to close at $53.67 per barrel, after the EIA reported that US crude oil stockpiles increased by 1.5 million barrels to 520.2 million barrels last week, advancing for an eighth consecutive week. Immediate downside, the first support level is seen at $52.97 per barrel, while on the upside, the first resistance level is at $54.11 per barrel.



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Brent crude oil  Thursday

 

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EIA reported that US crude oil stockpiles increased by 1.5 million barrels

Brent decreased 0.15 USD/BBL or 0.27% to 56.16 on Thursday March 2 from 56.31 in the previous trading session. Historically, Brent crude oil reached an all time high of 145.61 in July of 2008 and a record low of 2.23 in May of 1970.

Brent Crude oil is a major benchmark price for purchases of oil worldwide. While Brent Crude oil is sourced from the North Sea the oil production coming from Europe, Africa and the Middle East flowing West tends to be priced relative to this oil. The Brent prices displayed in Trading Economics are based on over-the-counter (OTC) and contract for difference (CFD) financial instruments. Our market prices are intended to provide you with a reference only, rather than as a basis for making trading decisions. Trading Economics does not verify any data and disclaims any obligation to do so. This page provides – Brent crude oil – actual values, historical data, forecast, chart, statistics, economic calendar and news. Brent crude oil – actual data, historical chart and calendar of releases – was last updated on March of 2017.

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