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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.

FUNDAMENTALS

* 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.”

MARKETS NEWS

* 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.

DATA/EVENTS

* The following data is expected on Thursday:

DATA AHEAD (GMT)

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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