US crude stocks rose by 6.9-million barrels last week, more than expected, according to data from the American Petroleum Institute
A gas flare burns at Russian oil refinery, operated by OAO Lukoil. in Russia. Picture: BLOOMBERG
The International Energy Agency , a watchdog for oil consuming countries, said in a statement on Tuesday that markets were"adequately supplied" and that"global spare production capacity remains at comfortable levels." Brent crude futures were at $74.18 per barrel at 8.48am GMT, down 33 US cents from their last close. It was the benchmark's first fall after three days of rises, but it is still set for its fifth consecutive weekly gain.
Crude oil prices for spot delivery rallied after the US said on Monday it would end all exemptions for sanctions against Iran, demanding countries halt oil imports from Tehran from May or face punitive action from Washington.The spot price surge has put the Brent forward curve into steep backwardation, in which prices for later delivery are cheaper than for prompt dispatch.
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