Author Topic: Oil falls after the publication of data on US inventories  (Read 92 times)

Offline beach7

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 Oil falls after the publication of data on US inventories

Oil prices fell on Wednesday after a rise in US crude stocks last week, data showed the pace exceeded expectations, stoking concerns about the continued worsening of oversupply in the global market without stopping.

And it dropped the price of crude in the US futures contracts maturity of the month 44 cents to $ 41.01 a barrel.

The crude reached its highest level in 2016 in the previous session at $ 41.90 a barrel before closing at $ 41.45 a barrel. Raw and recovered more than 50 percent since hitting its lowest level since 2003 in February.

Brent crude was down 40 cents to $ 41.39 a barrel, after recording gains in the previous session, which was closed down at $ 41.79 a barrel.

Brent also rose more than 50 percent since hitting its lowest level in several years in January at $ 27.10 a barrel.

Said Daniel Ang, an analyst at Phillip Futures on Wednesday, "must be in net surplus supply will continue in the short term, which leads us to believe that the current upward trend is sustainable."

The American Petroleum Institute said in a report that "US crude oil inventories increased by 8.8 million barrels last week to reach a record high of 531.8 million barrels



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