Cyber Daily News - World Prices oil slumped in trading Wednesday (11/04/2015) (Thursday morning GMT).Black gold prices pressured by rising inventories of commercial crude oil and US production, as well as a stronger US dollar.
Benchmark US light sweet crude or West Texas Intermediate (WTI) for delivery in December, fell 1.58 dollars to 46.32 dollars a barrel on the New York Mercantile Exchange.Brent North Sea crude oil for delivery in December, fell 1.96 dollars to close at 48.58 dollars a barrel in London trade.
US oil stockpiles rose by 2.8 million barrels in the week ending 30 October to 482.8 million barrels, slightly more than expected by analysts. While US crude oil production rose 48,000 barrels to 9.16 million barrels per day.
Supply is really strong, and even though we started out of the refinery maintenance season, we still see a buildup of crude oil, "said Matt Smith of ClipperData.Smith said the strong US dollar has started to push the oil market even before the Department of Energy (DoE).
The US dollar reached its highest level against the euro since July, around 1.0855 dollars, after Federal Reserve Chairman Janet Yellen said the interest rate increase in December is a possibility, and the US economy is performing well.Strengthening of the US dollar tends to weigh on the price of oil, which is priced in the US currency.
Benchmark US light sweet crude or West Texas Intermediate (WTI) for delivery in December, fell 1.58 dollars to 46.32 dollars a barrel on the New York Mercantile Exchange.Brent North Sea crude oil for delivery in December, fell 1.96 dollars to close at 48.58 dollars a barrel in London trade.
US oil stockpiles rose by 2.8 million barrels in the week ending 30 October to 482.8 million barrels, slightly more than expected by analysts. While US crude oil production rose 48,000 barrels to 9.16 million barrels per day.
Supply is really strong, and even though we started out of the refinery maintenance season, we still see a buildup of crude oil, "said Matt Smith of ClipperData.Smith said the strong US dollar has started to push the oil market even before the Department of Energy (DoE).
The US dollar reached its highest level against the euro since July, around 1.0855 dollars, after Federal Reserve Chairman Janet Yellen said the interest rate increase in December is a possibility, and the US economy is performing well.Strengthening of the US dollar tends to weigh on the price of oil, which is priced in the US currency.
