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Oil falls due to oversupply
28/06/2017
Oil prices fell on Wednesday after a report showed US crude stocks and fuel, which renewed fears that a glut ongoing three-year global supply, will not end soon.
By the time 6:50 GMT, crude futures for global measurement of Brent crude fell six cents, or 0.1 percent, to $ 46.59 a barrel.
And revealed futures contracts for WTI US median 15 cents, or 0.3 percent, to $ 44.09 a barrel.
Oil recouped some of its losses prices in the last week after it dropped nearly 20 percent since mid-May.
But the American Petroleum Institute report showed US crude inventories increased 851 thousand barrels in the week ending on June 23 to 509.5 million barrels, compared with expectations of analysts Bankhvadha 2.6 million barrels.
Gasoline inventories also increased 1.4 million barrels, despite the start of the summer driving season in the United States, where consumption rises to Dhurth a few weeks ago.
Show an increase of US stocks that global supply is still abundant, despite the efforts of the Organization of Petroleum Exporting Countries (OPEC) to cut production by 1.8 million barrels per day, in the period between January 2017 March 2018.
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