Where Your Speech Is Free And Your Comment Is King - Post A Link

THE NEWS COMMENTER

Screenshot Reuters.com
VOTE  (0)  (0)

Oil dips on swelling U.S. stocks, but expected OPEC supply cut stems losses


Added 11-21-18 09:03:01pm EST - “Oil prices dipped on Thursday after U.S. crude inventories increased to their hi...” - Reuters.com

CLICK TO SHARE

Posted By TheNewsCommenter: From Reuters.com: “Oil dips on swelling U.S. stocks, but expected OPEC supply cut...”. Below is an excerpt from the article.

SINGAPORE (Reuters) - Oil prices dipped on Thursday after U.S. crude inventories increased to their highest level since December 2017 amid concerns of an emerging global glut, although an expected supply cut by producer cartel OPEC prevented further drops.

U.S. West Texas Intermediate (WTI) crude futures, were at $53.38 per barrel at 0141 GMT, 25 cents, or 0.5 percent below their last settlement.

Front-month Brent crude oil futures were at $63.28 per barrel, down 20 cents, or 0.3 percent, from their last close.

U.S. commercial crude oil inventories rose by 4.9 million barrels to 446.91 million barrels last week, the Energy Information Administration (EIA) said in a weekly report on Wednesday. That was the highest level since December last year.

“U.S. inventory data...continued to show significant supply builds, which comes on the back of sustained record U.S. crude oil production,” said Stephen Innes, head of trading for Asia-Pacific at futures brokerage Oanda in Singapore.

Read more...

Post a comment.

CLICK TO SHARE

BACK TO THE HOME-PAGE