Prime News: Oil Sinks on Rising U.S. Stockpiles, Elevated OPEC Output

Crude prices edged down after a reported increase in U.S. fuel stockpiles and still elevated inventories from producer cartel OPEC reawakened worries regarding a supply glut in the global market.

Brent crude futures stood at $48.73 per barrel, falling by 11 cents or 0.2 percent from their last settlement. Meanwhile, U.S. WTI crude futures were at $46.28 per barrel, falling by 12 cents or 0.3 percent.

U.S. oil stockpiles increased in the previous week by 1.6 million barrels, bringing the total number to 497.2 million barrels, according to API.

Meanwhile, supplies from members of the crude exporting group OPEC continued to be high, mainly due to increasing production for member-countries Nigeria and Libya, despite the carter’s initiative to slash output. BNP also noted that it is very unlikely that both countries, which have been exempted from the deal to lower production, will concede to a production cap just when they have restored crude production operations.

The material has been provided by InstaForex Company – www.instaforex.com

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