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Rising U.S. Oil Shale Production Weighs on the Crude Market

Mar, 02nd 04:57

Crude oil futures for April delivery continued to slide on Thursday, stretching its decline for a third consecutive session in Asian trading hours on Thursday.

U.S West Texas Intermediate (WTI) futures lost nearly 0.5% to trade at $53.55 per barrel, depressed by data that showed producers carried on boosting shale oil production.

The U.S. Energy Information Administration on Wednesday reported a rise of 1.5 million barrels in domestic crude-oil supplies for the week ended February 24, in line with market expectations. The increase marked the eight straight weekly build, sending total crude inventories to a new record of 520.2 million barrels last week.

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