Oil Futures Extend Losses After U.S. Crude Stock Build

Oil futures move deeper into negative territory after the EIA reports a 2.7 million-barrel increase in crude stocks for last week, which was above expectations of a 600,000 barrel increase in a Wall Street Journalsurvey of analysts. The stock build came amid a decline in refinery runs and a sharp drop in net crude imports as exports rebounded. “Demand worries are back in the oil pits as traders shed the potential Israeli-Iran counter attack,” Peter Cardillo of Spartan Capital says. “Today’s decline is likely to extend further with spot testing the $80 level.” WTI for May delivery is down 2.8% at $82.97 a barrel.