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Oil falls to $ 56.58 a barrel on the back of increased US crude inventories

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rocky
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Oil falls to $ 56.58 a barrel on the back of increased US crude inventories

Post by rocky on Thu 12 Oct 2017, 1:58 pm

[ltr]Oil falls to $ 56.58 a barrel on the back of increased US crude inventories[/ltr]

 Since 2017-10-12 at 10:59 (Baghdad time)
[ltr][/ltr]
[ltr]Follow up of Mawazine News[/ltr]
[ltr]Oil prices fell on Thursday, boosted by an increase in US fuel stocks despite efforts by the Organization of the Petroleum Exporting Countries (OPEC) to cut output and restore balance to the market.[/ltr]
[ltr]By 0647 GMT, WTI crude futures were trading at $ 50.98 a barrel, down 32 cents, or 0.6 percent, from the previous settlement.[/ltr]
[ltr]Brent crude for June delivery was $ 56.58 a barrel, down 36 cents, or 0.6 percent, from the last settlement.[/ltr]
[ltr]The OPEC-led deal helped lift oil prices from $ 30 to $ 40 a barrel by the end of 2016 and early 2017. But traders said supplies remained plentiful despite production cuts, largely because of increased US production.[/ltr]
[ltr]The US Petroleum Institute said US crude inventories rose 3.1 million barrels to 468.5 million barrels last week.[/ltr]
[ltr]The Energy Information Administration publishes official data on US fuel stocks on Thursday, ending 29/43[/ltr]


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