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NYMEX-U.S. crude oil falls for 5th day on glut concerns
October 15, 2015 / 12:50 AM / 2 years ago

NYMEX-U.S. crude oil falls for 5th day on glut concerns

SEOUL, Oct 15 (Reuters) - U.S. crude futures fell for a fifth consecutive day on Thursday, hit by concerns over a growing global glut of oil and after data showing a higher-than-expected U.S. inventory build last week.


* U.S. crude lost 42 cents or 0.90 percent at $46.22 a barrel as of 0008 GMT, after it settled down 2 cents at $46.64 on the previous session.

* Global crude benchmark Brent also declined by 14 cents, or 0.28 percent, at $49.01 a barrel after it ended down 9 cents at $49.15 previously.

* Data from industry group the American Petroleum Institute showed on Wednesday that U.S. crude inventories rose by 9.4 million barrels in the week to Oct. 9 to 465.96 million, compared with analysts’ expectations for an increase of 2.8 million barrels. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.4 million barrels, API said.

* On a longer horizon, Barclays says its “base case price scenario results in Brent prices reaching $85 per barrel by 2020, around $20 higher than the current 2020 futures strip of about $65 per barrel.”


* Global equity markets slid for a second day and the dollar sank to a seven-week low on Wednesday as weak U.S. retail sales and a drop in producer prices boosted expectations the Federal Reserve will not raise interest rates until next year.


* The following data is expected on Thursday:


1230 U.S. Consumer prices Sept

1230 U.S. New York Fed manufacturing Oct

1230 U.S. Weekly jobless claims

1400 U.S. Philly Fed business index Oct (Reporting by Meeyoung Cho; Editing by Ed Davies)

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