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Oil falls to its lowest level due to increased stockpiles and record production in America

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rocky
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Oil falls to its lowest level due to increased stockpiles and record production in America

Post by rocky on Thu 08 Feb 2018, 2:13 am

Oil falls to its lowest level due to increased stockpiles and record production in America



Oil prices fell on Thursday, their lowest level in a month after US data showed an increase in inventories and a record high US crude output raised concern that the market may be seeing more sales.
US WTI futures contract ended the day at $ 1.60, or 2.52 percent, at $ 61.64 per barrel.
Brent crude futures closed down $ 1.35, or 2.02 percent, at $ 65.56 a barrel.
The US Energy Information Administration said US commercial oil inventories rose 1.9 million barrels last week, an increase less than expected. But US crude production rose to 10.25 million bpd, a record high weekly.




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