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Oil falls for second day[/size]
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Twilight News
one hour ago
Oil falls for second day[/size]
Twilight News
one hour ago
Twilight News / crude oil prices continued to fall on Wednesday as the US production growth has led to increased pressure on the market even though the Organization of Petroleum Exporting Countries cut production of oil (OPEC) continued to support prices.
Investors are awaiting weekly oil inventory data from the American market, the Energy Information Administration to be announced at 1530 GMT on Wednesday.
By the time 0723 crude West Texas Intermediate fell US futures 15 cents or 0.3 percent to $ 53.86 a barrel. Hostel International benchmark Brent crude 13 cents or 0.2 percent to $ 56.38 a barrel.
And it increased US crude stocks for the seventh week in a row. Under the new expectations of an increase in inventories last week of 3.1 million barrels this time has increased fears of not be enough demand to absorb the glut of global supply of crude oil growth.
A report from the American Petroleum Institute showed that oil inventories in the United States rose 2.5 million barrels in the week ending February 24.
The market rallied earlier in the session where he did not give a speech US President Donald Trump in front of Congress, few details of his administration efforts to promote US oil production plans.
The market participants are expecting that includes a speech Trump details of his policy in the energy sector, but his statements are free of any specific details.
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