West Tx Oil Below $101 as Stock Build Forecast Weighs

U.S. crude oil fell towards $100 early on Wednesday as expectations of record high stockpiles weighed on futures, putting the benchmark contract on course for a 1 percent fall for the month.

U.S. crude for June delivery fell 70 cents to $100.58 a barrel by 0007 GMT, putting it on track for a 1 percent decline for the month. The contract finished 44 cents higher on Tuesday.

U.S. crude inventories rose by 3 million barrels in the week to April 25, data from industry group the American Petroleum Institute showed on Tuesday, exceeding analysts’ expectations for an increase of 2.4 million barrels.

CNBC

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