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Crude oil futures closed lower in the domestic market on Wednesday as investors and speculators cut positions in the energy commodity after storage levels in the US shot up to the highest level since 1930, raising concerns over a growing global supply glut.
The EIA said that US crude inventories climbed by 2.3 million barrels to 534.8 million barrels last week, while supplies at Cushing, the biggest US oil storage hub, fell by 272,000 barrels to 66 million barrels. However, refineries operated at 90.4 per cent of capacity in the week ended March 25, 2 percentage points higher than the prior week.
Oil production in the US fell by 16,000 barrels per day to 9.02 million barrels per day last week, the lowest since November, supporting crude. Meanwhile, reports emerged that Iran will attend talks in Doha in April with other major crude producers including OPEC giant Saudi Arabia, without participating in a proposal to freeze output.
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