WTI, Brent prices down after setting new records

Crude oil prices in New York and London hit new records before falling back to declines for the session on US inventories reports that exceeded expectations.

The US Energy Information Administration reported that crude oil stockpiles were up by 3.2 million barrels in the week ending 22 February, much more than the 2.4 million barrel gain that had been expected.

Gasoline inventories were also up more than had been anticipated last week, adding 2.3 million barrels rather than the 400,000 barrel gain that analysts had looked for, while distillates stockpiles dropped by 2.5 million barrels during the week.

April contracts for West Texas Intermediate crude was as high as $102.08 per barrel, a new record, in early electronic trading but at the close of the floor session on the New York Mercantile Exchange WTI was $1.24 below Tuesday’s close at $99.64 per barrel.

Brent crude for April delivery was down $1.20 to $98.21 per barrel after setting a new record at $100.53 per barrel earlier in the day.

Nymex March gasoline was 6 cents lower to $2.49 per gallon while April heating oil fell 4 cents to $2.75 per gallon and April natural gas dropped 18 cents to $9.07 per million British thermal units.