Oil prices extended declines on Thursday after official data showed a larger-than-expected increase in US crude inventories and a surprise build in gasoline stocks. US West Texas Intermediate crude for April delivery was down 11 cents at $61.53 a barrel by 0100 GMT after settling down $1.37. New front-month London Brent crude for May delivery was down 16 cents at $64.57, having ended down $1.79. The April contract expired on Wednesday, settling down 85 cents at $65.78.Some industry sources said Wednesday’s decline was also due to profit-taking by market participants at the end of the month after oil hit a three-week high earlier this week.US crude inventories rose by 3 million barrels last week, compared with analyst expectations for a build of 2.1 million barrels, weekly data by the Energy Information Administration (EIA) showed. For Any More Information Please Visit : www.paceresearchindia.com and Call Now : 8817774774
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