Jakarta, hitclubapk3 Indonesia
—
Price
crude oil
world
plummeted
in trading Wednesday (19/11) after the United States (
US
) released an industry report showing crude and fuel inventories rose last week.
The report exacerbates market concerns that global supply currently exceeds demand in the market.The US is the world’s largest consumer of crude oil.
The price of Brent crude oil futures fell 28 cents or 0.43 percent to US$64.61 per barrel.Meanwhile, the price of US West Texas Intermediate (WTI US) crude oil fell 24 cents or 0.4 percent to US$60.5 per barrel.
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The American Petroleum Institute (API) reported US crude oil and fuel stocks rose last week.Crude oil reserves rose by 4.45 million barrels, while gasoline inventories rose by 1.55 million barrels, and distillate inventories rose by 577 thousand barrels.
Official US government inventory data will be released this Wednesday.
Chinese brokerage firm Haitong Futures said API data showing an increase in US crude oil and fuel stocks indicated weak demand, as well as the prospect of falling oil prices.
Eight analysts surveyed by
Reuters
ahead of the release of oil data, the government estimates that average crude oil inventories may fall by around 600 thousand barrels as of November 14.
Yesterday oil prices strengthened as investors considered the impact of US sanctions on Russian oil exports.
Additionally, Ukraine’s attacks on Russian refineries and export ports have raised concerns about disruptions in crude oil and fuel supplies.
However, concerns about Russian supply are offset by analysts’ estimates that oil production exceeds current demand, which has pressured prices.
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(pta)
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