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Brent Oil Near $52.50 After U.S. Crude Stocks Rise

Brent crude fell towards $53 a barrel on Wednesday as U.S. crude stocks were forecast to have surged for the tenth straight week to a new record high, fueling supply concerns of a global oil glut, although a weaker dollar kept a floor under prices.

Brent for May delivery fell 24 cents to $53.27 a barrel by 0108 GMT after ending the previous session 7 cents up at $53.51.  U.S. crude for April delivery fell 81 cents to $42.64 after settling the previous session 42 cents lower at $43.46.

U.S. crude tumbled by $1.02 a barrel to $42.44 in early Asian trade on Wednesday after crude inventories rose by 10.5 million barrels in the week to March 13 to 450 million, data from industry group the American Petroleum Institute showed on Tuesday.

CNBC [1]

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