MTECHTIPS;-Crude Oil Prices Recover From Supply Data but Gains Limited

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MTECHTIPS;-Crude Oil Prices Recover From Supply Data but Gains Limited

MTECHTIPS-Crude oil prices moved higher on Thursday, recovering from losses posted after the previous session’s downbeat U.S. supply data, although gains remained limited. The U.S. West Texas Intermediate crude April contract was up 12 cents or about 0.20% at $61.27 a barrel by 03:40 a.m. ET (07:40 GMT). Elsewhere, Brent oil for May delivery on the ICE Futures Exchange in London added 12 cents or about 0.16% to $64.44 a barrel. The U.S. Energy Information Administration reported on Wednesday that crude oil inventories rose by 2.408 million barrels for the week ended March 2. While that was below expectations for a rise of 2.723 million barrels, it was the second-straight weekly build in crude stockpiles, adding to concerns that rising U.S. output could dampen global efforts to rid the market of excess supplies. The International Energy Agency upwardly revised U.S. oil output growth earlier in the week, saying the country would be producing a total of nearly 17 million barrels per day (bpd) in 2023. U.S. crude oil production has already surpassed that of top exporter Saudi Arabia to 10.28 million bpd

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