WTI near 2-year low amid higher supplies
ecPulse
2014-10-23 14:13PM UTC
West Texas Intermediate (WTI) for December delivery fell on Thursday, holding near the lowest level in two years around $80 per barrel, following a report that showed U.S. commercial crude oil inventories rose last week. The decline in crude prices came in light of the negative influence of rising crude oil inventories according to data released by the Energy Information Administration (EIA) on Thursday. Earlier today, the EIA reported an increase of 7.1 million barrels in the week ending 17 October, a sharp rise although this was somewhat smaller than the previous week`s 8.9 million-barrel increase. On Wednesday, the American Petroleum Institute (API) also showed an increase of 1.2 million barrels in crude oil inventories last week. As we can see, speculations over the weak oil demand in the United States, the world`s largest oil consumer, continue to weigh on the market sentiment amid lack of investor confidence in the global economic recovery. Oil prices continue to face downside pressures in the wake of mounting supplies, in conjunction with low demand for oil across the globe despite the improving fundamentals in China, the world`s second largest consumer. Meanwhile, we expect further volatility to dominate crude oil prices, at least until the Organization of the Petroleum Exporting Countries (OPEC) members announce whether to keep or raise the ceiling for oil production at their November 27 meeting in the Austrian capital Vienna.
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