The price of West Texas Intermediate (WTI) crude is set to decline this month for the first time since October last year, despite a lower-than-expected increase in crude stockpiles.
According to Bloomberg, the price of WTI crude for delivery in April was down 16 cents to $92.60 (£61.03) per barrel in commodities trading on the New York Mercantile Exchange at 15:18 local time in Singapore.
Data from the Energy Information Administration revealed supplies of oil rose by 1.1 million barrels last week, substantially lower than the increase of 2.5 million that had been anticipated by analysts participating in a Bloomberg survey.
Chief executive officer of Barratt's Bulletin Jonathan Barratt said higher prices are dependent on the US and Asia working to "kick things along".
"If they can do it then you'll start to see demand pick up," he told the news agency, adding some support for the commodity is coming from the rebound in equities.
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