UPDATE 8-Oil slips on modest Keystone impact; more volatility seen

Thu Apr 7, 2016 4:09pm EDT
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* Market ends down 1 pct after earlier fall of 3 percent

* Data shows Cushing build on week to Apr 5 despite Keystone

* Iraqi oil exports trending higher in April than in March (New throughout, updates prices, market activity and comments to settlement as market pares losses)

By Barani Krishnan

NEW YORK, April 7 (Reuters) - Oil settled lower on Thursday after data showed higher weekly inventories at the U.S. crude storage base despite a pipeline outage, but prices pared losses on short-covering, suggesting more volatility ahead.

"The energy trade remains choppy amidst fundamental and macroeconomic cross-currents that are shifting daily," Jim Ritterbusch of Chicago-based oil markets consultancy Ritterbusch & Associates said in a note.

Brent futures settled down 41 cents, or about 1 percent, at $39.43 a barrel, retracing losses from the session low that saw Brent down more than $1, or nearly 3 percent.

U.S. crude futures finished down 49 cents at $37.26, after tumbling as low as $36.69.

Prices fell after market intelligence firm Genscape reported a build of 255,804 barrels at the Cushing, Oklahoma delivery hub for U.S. crude futures in the week to Tuesday.   Continued...