Oil Down More Than 1% On Fresh Supply Build, Dollar Spike
NEW YORK, Dec 17 (Reuters) - Oil prices fell more than 1 percent on Thursday, with global benchmark Brent settling not far from 2004 lows, after fresh supply builds at the delivery point for U.S. crude futures added to worries about a global glut.
Trading was thin, however, as uncertainty over how much longer oil prices could stay from hitting 11-year lows kept some players sidelined, analysts said.
"There could be a short-covering bounce here, for all we know. I'm hoping for that, so I can short the hell out of it," said Tariq Zahir, an oil bear who trades mostly crude oil spreads at Tyche Capital Advisors in New York.
Brent settled down 33 cents at $37.06 a barrel, finishing less than $1 above its 2004 low of $36.40.
U.S. crude's West Texas Intermediate (WTI) futures ended the session down 57 cents, or 1.6 percent, at $34.95 a barrel, reaching a session low of $34.63. On Monday, WTI hit a seven-year low of $34.53.
Volume in WTI was just under 180 million barrels due to fewer trades, versus 750 million barrels from a week ago.
Market intelligence firm Genscape reported an inventory increase of 1.4 million barrels at the Cushing, Oklahoma delivery hub for the U.S. crude's West Texas Intermediate (WTI) futures, traders who saw the data said.
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