OilCrude oil prices fell for the first time in four sessions on Tuesday after the International Energy Agency (IEA) warned that ample supplies will raise global inventories before investment cuts begin to significantly dent production.
Oil stockpiles in member countries of the Paris-based Organization for Economic Cooperation and Development ( OECD) may approach a record 2.83 billion barrels by mid-2015, said the IEA, advisor on energy policy to a group of Western nations.
US March crude futures fell $2.84, or 5.37 per cent, to settle at $50.02 a barrel, after dropping to $49.86.
Brent March crude fell $1.91, or 3.3 per cent, to settle at $56.43 a barrel, having fallen as low as $56.11.
US crude stocks rose 1.6 million barrels to 413.7 million last week, industry group the American Petroleum Institute (API) said late Tuesday.
The gain was less than the 3.7-million-barrel rise expected by analysts surveyed by Reuters ahead of the report and Brent and US crude futures pared losses in post-settlement trading.
The EIA’s inventory report is due at 10:30 a.m. EST (1530 GMT) on Wednesday.
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