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Oil falls on surging US crude stocks and OPEC production
Oil prices fell on Wednesday, with renewed fears of a global supply glut of fuel after the increase in US crude inventories and continued high production of the Organization of Petroleum Exporting Countries (OPEC).
By 0656 GMT, futures fell for global crude measurement Brent 21 cents, or 0.4 percent, to $ 48.63 a barrel.
And revealed futures contracts for WTI US median 20 cents, or 0.4 percent, to $ 46.20 a barrel.
Since the beginning of the year, crude prices fell by about 15 percent, which makes it one of the worst oil commodity performance in 2017.
The American Petroleum Institute said on Tuesday that US crude stocks rose 1.6 million barrels in the week ending on July 14 to 497.2 million barrels.
Outside the United States, OPEC supplies are still high, despite its pledge to cut production, which is largely due to the increased production of Libya and Nigeria Organic Organization.
http://economy-news.net/content.php?id=8316
Oil prices fell on Wednesday, with renewed fears of a global supply glut of fuel after the increase in US crude inventories and continued high production of the Organization of Petroleum Exporting Countries (OPEC).
By 0656 GMT, futures fell for global crude measurement Brent 21 cents, or 0.4 percent, to $ 48.63 a barrel.
And revealed futures contracts for WTI US median 20 cents, or 0.4 percent, to $ 46.20 a barrel.
Since the beginning of the year, crude prices fell by about 15 percent, which makes it one of the worst oil commodity performance in 2017.
The American Petroleum Institute said on Tuesday that US crude stocks rose 1.6 million barrels in the week ending on July 14 to 497.2 million barrels.
Outside the United States, OPEC supplies are still high, despite its pledge to cut production, which is largely due to the increased production of Libya and Nigeria Organic Organization.
http://economy-news.net/content.php?id=8316
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