NYMEX-US crude falls on weaker demand outlook, Ukraine risk wanes

Wed Mar 5, 2014 7:16pm EST
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SEOUL, March 6 (Reuters) - U.S. crude oil futures retreated to below $101 a barrel on Thursday in early Asian trade on expected weak demand during refinery maintenance season in the United States and Europe, while geopolitical risks over Ukraine eased.


* U.S. crude for April delivery lost 46 cents at $100.99 a barrel as of 0000 GMT after it ended the previous session $1.88 lower at $101.45.

* Brent oil for April delivery settled $1.54 lower at $107.76.

* U.S. crude oil stockpiles rose more than expected last week as imports increased and refinery output fell, data from the Energy Information Administration showed on Wednesday.

* Crude oil inventories rose by 1.4 million barrels in the week ending Feb. 28, compared with analysts' expectations for a build of 1.3 million barrels. Imports rose by 75,000 bpd and refinery utilization slipped 0.6 percent.

* U.S. oil refiners are expected to take 1,608,000 barrels per day (bpd) of capacity offline in the week ending March 7, up from 1,412,000 bpd the previous week, data from research company IIR showed on Wednesday.

* Foreign ministers from Ukraine, Russia and Western nations agreed on Wednesday to continue discussions in coming days on how to stabilize Ukraine and presented a number of ideas for how to reach that goal, U.S. Secretary of State John Kerry said.   Continued...