| SINGAPORE, March 8
SINGAPORE, March 8 Oil futures fell in Asian
trade on Wednesday after industry data pointed to a potential
ninth straight week of inventory builds, renewing concerns about
an oversupply of oil despite output curbs by OPEC and non-OPEC
U.S. West Texas Intermediate (WTI) crude fell 32
cents, or 0.6 percent, to $52.82 a barrel as of 0107 GMT, after
ending the previous session down 0.1 percent.
Brent futures fell 29 cents, or 0.5 percent, to
$55.63 after settling down 0.2 percent in the previous session.
"Oil is range-bound. If prices dip below $50 a barrel OPEC
will cut more; if it goes above $55 the U.S. will produce more,"
said Jonathan Barratt, chief investment officer at Ayers
Alliance in Sydney.
"The market is caught in this middle range. It's difficult
to forecast the news that will eventually see a break-out."
U.S. crude stocks rose by 11.6 million barrels last week,
according to industry group, the American Petroleum Institute.
If the figures are confirmed later on Wednesday by official
data from the U.S. Department of Energy's Energy Information
Administration (EIA) it would be the ninth straight week of
The stocks data came as the EIA on Tuesday cut its 2017
world oil demand growth forecast by 110,000 barrels per day to
1.51 million bpd.
At the same time, members of an OPEC-led production
agreement said on Tuesday total output reductions are more than
1.5 million barrels per day and are meeting their expectations.
(Reporting by Keith Wallis; Editing by Richard Pullin)