LONDON Apr 30 (Reuters): Oil fell towards $108 per barrel on Wednesday pressured by an improving supply outlook with stocks in the United States expected to be at a record high and optimism about higher exports from Libya.
Analysts polled by Reuters expect U.S. crude stocks to have risen by 2.4 million barrels to 400 million barrels last week, the highest level since the U.S. Energy Information Administration started collecting data in 1982.
The EIA's weekly inventory data is due out at 1430 GMT.
Brent crude for June delivery was down 69 cents to $108.29 per barrel at 0826 GMT after climbing 86 cents to $108.98 in the previous session.
June U.S. crude was down $1.07 cents at $100.21 per barrel, after falling as low as $100.10, heading for what could be its lowest close in four weeks. A day earlier, U.S. crude rose 44 cents to close at $101.28.
"Crude oil stocks in the U.S. are rising to their highest level in decades and that's weighing on the whole crude complex," said Bjarne Schieldrop, analyst at SEB in Oslo.
Oil falls towards $108 per barrel
FE Team | Published: May 01, 2014 00:00:00 | Updated: November 30, 2026 06:01:00
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