Oil turns negative after U.S. crude stocks build to record high

By Jessica Resnick-Ault

NEW YORK (Reuters) - Oil prices pared gains on Wednesday, with U.S. futures turning negative, after crude inventories in the United States rose to a record high.

U.S. crude stockpiles rose 1.5 million barrels last week, less than forecast, but touching a record high at 520.2 million barrels after eight straight weekly builds.[EIA/S]

The consecutive increases have fueled worries that demand growth may not be sufficient to soak up the global oil glut despite a deal by major oil producers to cut output during the first half of the year.

By 10:58 a.m. Eastern (1558 GMT), U.S. West Texas Intermediate (WTI) futures for April delivery was down 9 cents at $53.92, down from $54.44 earlier in the session.

 

May Brent crude futures was 2 cents higher at $56.51 a barrel after earlier trading as high as $57.05 a barrel.

(Additional reporting by Naveen Thukral in Singapore and Amanda Cooper in London; Editing by Susan Thomas and Marguerita Choy)