crude-oil-production

Oil prices fall to a 4 week low record.

On Wednesday,oil prices dropped on the commodities market nearing a 4-week low as us data showed another massive increase in US crude inventories.
By 4:10AM ET or 09:10GMT,the U.S. West Texas Intermediate crude April contract fell 0.8% or 41 cents to $52.73 a barrel.On the ICE Futures Exchange in London,brent oil for May delivery fell 35 cents to $55.56 a barrel.
The American Petroleum Institute,after markets closed on Tuesday,revealed that U.S. oil inventories increased by 11.6 million barrels last week.The report also showed a decrease of 5.0 million barrels in gasoline stocks, as distillate stocks declined 2.9 million barrels.
Oil prices have been trading in a narrow $5 range around the mid-$50s over the past two months as sentiment in oil markets has been torn between rising stockpiles and increased shale production in the U.S. and hopes that oversupply may be curbed by output cuts announced by major global producers.
Gasoline futures for April on Nymex,dropped 0.6% or 0.9 cents to $1.688 a gallon.Natural gas futures for April delivery rose 2.6% or 7.3 cents to $2.897 per million.