MTECHTIPS;- Oil resumes sell-off as growing US stockpiles feed oversupply fears

MTECHTIPS;- Oil resumes sell-off as growing US stockpiles feed oversupply fears

MTECHTIPS-Oil prices fell about 2.5 percent on Wednesday after US crude inventories rose for the 10th straight week to the highest in a year, adding to worries about a worldwide supply glut. Selling picked up just prior to the market's settlement, extending a sell-off that has cut prices by more than 30 percent since the beginning of October. US crude settled down $1.27, or 2.5 percent, at $50.29 a barrel, its lowest since Oct. 9, 2017. Brent crude ended $1.45, or 2.4 percent, lower at $58.76 a barrel. US crude stockpiles rose 3.6 million barrels last week, exceeding expectations, to the most in year at 450 million barrels. After falling to 2-1/2-year lows in September, crude stocks have risen 14 percent with 10 straight weeks of increases. The steady build in US crude stocks is partly due to seasonal refining maintenance, but domestic production also has surged to a record 11.7 million barrels per day. "It's hard to get more bearish after this report after we wiped out more than 30 percent of our value in the last two months," said Gene Mc Gillian, vice president of market research for Tradition Energy in Stamford, Connecticut

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