US crude holds below $44 on glut worries

17.03.2015 / 05:31

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U.S. crude futures held below $44 a barrel on Tuesday on concerns U.S. crude stockpiles could hit a record high for a tenth straight week, while Libya and Iran may add to output in an already oversupplied market.

U.S. commercial crude stocks could have climbed by 3.5 million barrels to 452.4 million, a record high for the tenth straight week, according to a preliminary Reuters survey on Monday. The survey was ahead of two key weekly inventory reports.

Iran is ready to boost its oil exports by up to 1 million barrels per day (bpd) when Western sanctions over its nuclear program are lifted, the official IRNA news agency quoted Oil Minister Bijan Zanganeh as saying on Monday.

Libya's oil output has risen to around 490,000 barrels a day, an industry source said on Monday, after the El-Feel and Wafa oilfields in western Libya were restarted and production has been maintained at the eastern fields.

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US crude holds below $44 on glut worries

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