Caspian Energy Journal Caspian European Club
Thursday, 22 November 2018 15:00

Oil dips as U.S. crude stockpiles swell

Oil dips as U.S. crude stockpiles swell

Oil prices slipped on Thursday after U.S. crude inventories swelled to their highest level since December 2017 amid concerns of an emerging global glut, although the potential for a supply cut by OPEC prevented further drops, Caspian Energy News ( reports with reference to Reuters.

U.S. West Texas Intermediate (WTI) crude futures, were at $54.47 per barrel at 0740 GMT, 16 cents, or 0.3 percent below their last settlement.

Front-month Brent crude oil futures were at $63.34 per barrel, down 14 cents, or 0.2 percent.

U.S. commercial crude oil inventories C-STK-T-EIA rose by 4.9 million barrels to 446.91 million barrels last week, the Energy Information Administration (EIA) said in a weekly report on Wednesday. That was the highest level since December last year.

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Person in charge of the newsline: Olga Nagiyeva 

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