IV:NYMEX crude oil falls after new U.S. pipeline starts operations
Investing.com – Crude oil prices fell during the Asian trading hours on Thursday after the news of a new U.S. oil pipeline starting to transport 300,000 barrels of crude a day, which will reduce the amount of U.S. oil stuck in storage.
On the New York Mercantile Exchange, West Texas Intermediate crude for delivery in March traded at USD96.63 a barrel during Asian trading, down 0.14%.
On Wednesday, New York-traded oil futures hit a session low of USD95.56 a barrel and a high of USD96.74 a barrel. The March contract settled at USD96.74 a barrel.
Nymex oil futures were likely to find support at USD93.66 a barrel, Monday's low, and resistance at USD98.96 a barrel, the high from Jan. 2.
Oil prices were also affected by the International Monetary Fund raised its forecast for global economic growth to 3.7% this year from a previous estimate of 3.6%, which further stoked expectations for fuel and energy demand to increase.
Elsewhere, on the ICE Futures Exchange in London, Brent oil futures for March delivery were down 0.12% and trading at USD108.11 a barrel, while the spread between the Brent and U.S. crude contracts stood at USD11.50 a barrel.
