Crude shrugs off supply decline, pushes below $27 a barrel

Oil futures prices on the New York Mercantile Exchange Thursday tapped below $27 per barrel as the market largely ignored a drawdown in U.S. crude oil stockpiles amid a wider supply glut.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in March CLH6, -1.68%  traded at $27.01 a barrel, down $0.44, or 1.6%, in the Globex electronic session, but traded as low as $26.72. April Brent crude LCOJ6, -0.55%  on London’s ICE Futures exchange fell 15 cents, or 0.5%, to $30.67 a barrel. Oil settled at a 3-week low on Wednesday, falling under $28.

One silver lining for Nymex has been its widening price difference to Brent, which should increase the export competitiveness of U.S. oil grades, says a report by BMI Research.

For Free Signals and other KLSE online updates, click here OR Give A Missed Call : +60350219047 Follow Us On Twitter : www.twitter.com/epicresearchmy Like Us On Facebook : www.facebook.com/EpicResearchMalaysia Need Any Assistance Feel Free To Mail Us at : info@epicresearch.my