February 19
07:35
2016
Oil futures fell in Asian trade on Friday as a record build in U.S. crude stocks stoked concerns about global oversupply, outweighing moves by oil producers including Saudi Arabia and Russia to cap oil output. U.S. crude inventories rose by 2.1 million barrels last week, to a peak of 504.1 million barrels, the third week of record highs in the past month, data from the U.S. government’s Energy Information Administration (EIA) showed on Thursday. “The market is expecting continuing inventory builds,” said Tony Nunan, oil risk manager at Japan’s Mitsubishi Corp in Tokyo.
