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Oil continues to decline as stocks await final data
Oil prices continue to decline during Wednesday's trading, on the back of preliminary data indicating an increase in US oil and gasoline inventories, and with the anticipation of final data.
US oil inventories rose by 933,000 barrels last week to 421.2 million barrels versus expectations of 2.1 million barrels, preliminary data from the US Petroleum Institute showed on Tuesday.
Investors are waiting to release final data on US oil inventories from the US Energy Information Administration later in the day.
The International Energy Agency (IEA) yesterday predicted that US oil production would exceed Russian production next year.
By 5:39 am GMT, Brent crude for April delivery fell 0.6% to $ 66.23 a barrel.
US crude was the first decline in four sessions at the end of yesterday's session after losing about 90 cents of its value.
US crude futures for April delivery fell more than 0.5% to $ 62.67 a barrel.
http://economy-news.net/content.php?id=11299
Oil prices continue to decline during Wednesday's trading, on the back of preliminary data indicating an increase in US oil and gasoline inventories, and with the anticipation of final data.
US oil inventories rose by 933,000 barrels last week to 421.2 million barrels versus expectations of 2.1 million barrels, preliminary data from the US Petroleum Institute showed on Tuesday.
Investors are waiting to release final data on US oil inventories from the US Energy Information Administration later in the day.
The International Energy Agency (IEA) yesterday predicted that US oil production would exceed Russian production next year.
By 5:39 am GMT, Brent crude for April delivery fell 0.6% to $ 66.23 a barrel.
US crude was the first decline in four sessions at the end of yesterday's session after losing about 90 cents of its value.
US crude futures for April delivery fell more than 0.5% to $ 62.67 a barrel.
http://economy-news.net/content.php?id=11299
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