Oil declines for second day ahead of US inventory data

2018-03-13 14:50:03 GMT (Economies.com)
Oil declines for second day ahead of US inventory data

Oil prices reversed lower in American trade after earlier gains in Europe, heading for the second loss on US oversupply concerns and before crucial US inventory data. 

 

As of 13:05 GMT, US West Texas Intermediate fell to $60.95 a barrel from the opening of $61.37, while Brent declined to $64.55 a barrel from the opening of $64.90. 

 

US crude lost 1.2% yesterday, after marking the largest profit since July 24, 2017 in the previous session, while Brent shed 1%. 

 

The Energy Information Administration expected US shake output to increase by 131 thousand bod in April to a new record high at 6.95 million bpd. 

 

Oil rose 1.1% last week as expectations of strong demand growth overcame worries about higher US output. 

 

Later today, the American Petroleum Institution will release initial data on US crude stocks, expected to show a buildup for the third straight week, while the EIA will release the official report tomorrow. 

 

The International Energy Agency expects US output to pass 11 million bpd by the end of the year, putting the US past Russia as the largest oil producer in the word. 

 
 
 
  Symbol Last Change Chg.%
1.1748
0.0117
1.0051%
1.3079
0.0010
0.0727%
14.296
0.229
1.624%
70.832
1.845
2.674%
78.76
0.06
0.08%
1199.070
5.295
0.444%
 
 
Live Forex Updates