Oil prices fell on Thursday after U.S. crude inventories swelled to their highest level since December adding to concerns about a global glut but OPEC talk of an output reduction limited losses.
Source: www.cnbc.com
U.S. crude oil inventories rose for a ninth consecutive week swelling to their highest level since December. The Energy Information Administration (EIA) report released on Wednesday showed that U.S. crude oil inventories climbed by 4.9 million barrels to 446.91 million barrels for the week ending November 16. U.S. crude oil production also stayed at a record 11.7 million barrels. Worries about the emergence of oil glut continue to put downward pressure on oil prices, with WTI futures falling more than a percent on Thursday to close at US$54/bbl. OPEC’s meeting on December 6 to discuss production cuts could provide some additional support to the oil prices in the near term.
