Oil prices continue to fall below supply.


Crude oil futures continued to weaken on Wednesday, dragged down by another sharp drop in U.S. stocks and supply data that could show a sharp increase in U.S. crude supplies.
In may west Texas intermediate crude CLK8 fell 65 cents or 1 percent to $64.60 a barrel, while brent crude LCOK8 fell 54 cents, or 0.8 percent, to $69.57 a barrel in May.
WTI contract late Tuesday to fall further, in the American petroleum institute data showed that us oil supply is increased, rising in the week ending March 23, 5.3 million barrels, unveiled a modest losses in the regular meeting. The official supply data agency will be released early Wednesday.
According to sources, API data showed a decrease of 5.8 million barrels of gasoline stocks and 2.2 million barrels of distillate stocks.
In the week ended March 23, the EIA reported a mere 1 million barrels of domestic crude oil supply, according to s&p’s analysts. They also forecast a drop of 2 million in gasoline supplies and 1.9 million in distillates.
The eia report has reported three increases in crude oil in the past four weeks.

Oil has tended to track the stock market, but oil prices fell on Tuesday as U.S. stocks fell sharply, as a result of the sale of technology stocks. Wednesday’s stock market futures showed Wall Street may be back in the soft lane again.
Oanda Asia trading director Stephen Innes (Stephen Innes) said in a report to clients, crude oil has been “suppress significant resistance”, investors can withdraw the proceeds at the end of the short holiday.
On the New York mercantile exchange, gasoline rbj8-0.30% traded at $2.006 per gallon in April, down 0.3 percent, compared with HOJ8 in April, down 0.70 percent to $2.010 a gallon.
Natural gas ngk18-0.41% in May fell 0.3 percent to 2.76 million British thermal units.


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