Haberler      English      العربية      Pусский         Kurdî      Türkçe Delivering News and Insights Around the World Keltis
  En.Haberler.Com - Latest News
SEARCH IN NEWS:
  HOME PAGE 27/11/2021 18:24 
28.10.2021 10:57 News >> Oil Declines From Multi-Year-Highs Over Build In US Crude Stocks

Oil Declines From Multi-Year-Highs Over Build In US Crude Stocks

US commercial crude oil stocks increase by 4.3 million barrels, higher than market expectation of 1.65 million barrel rise.

Oil prices dropped on Thursday after record-high price rallies as an unexpected build in US crude oil inventories signaled declining demand in the world's largest oil-consuming country.
International benchmark Brent crude was trading at $82.94 per barrel at 06.57 GMT for a 1.10% decrease after closing Wednesday at $83.87 a barrel.
American benchmark West Texas Intermediate (WTI) traded at $81.78 a barrel at the same time for a 1.06% fall after ending the previous session at $82.66 per barrel.
A surprise build in the US crude oil inventories, indicating a fall in demand, spurred Thursday's price slump.
US commercial crude oil inventories increased by 4.3 million barrels to 430.8 million barrels, higher than the market expectation of a 1.65 million-barrel rise, according to the latest data released by the Energy Information Administration (EIA).
In their meeting earlier in October, the Organization of Petroleum Exporting Countries (OPEC) and its allies, also known as OPEC+, decided to keep its output unchanged instead of ramping up production in line with the rising demand for crude oil.
Both benchmarks faced multi-year-high levels after the world's largest oil producers failed to respond to the low supply crisis on the global markets, which badly affected global economies recovering from demand damages due to the COVID-19 pandemic.
Investors are now keeping tabs on next week's meeting of the OPEC+ group. However, the cartel is expected to keep its monthly strategy of boosting output by 400,000 barrels per day. -



        Latest News
Turkey, Turkmenistan Set On Meeting Trade Target Of $5B: Erdogan 15 minutes ago...
Turkey, Turkmenistan agree to accelerate relations in such fields as education, culture, youth, sports, says Turkish leader.
UK Detects 2 Cases Of COVID-19 Omicron Variant 15 minutes ago...
Malawi, Mozambique, Zambia, Angola also added to UK's travel red list, says senior health official.
Muslim Scholars Union Say Alliances With Israel 'Forbidden' -15 minutes ago...
IUMS statement comes following defense agreements between Morocco and Israel.
COVID-19 Cases Spike In South Africa As New Variant Raises Alarm 0 minutes ago...
President to gather top level meeting Sunday to assess developments in pandemic, scientific updates around Omicron variant.
Turkish Parliament Head Holds 2-Way Talks At 143Rd IPU Assembly In Spain 15 minutes ago...
Turkish parliament speaker Mustafa Sentop holds meetings on bilateral ties, joint steps to be taken in 143rd IPU Assembly.

 
      Top News
Algerians Vote In Early Local Elections Algerians Vote In Early Local Elections
19 People Die In Mexico Bus Crash 19 People Die In Mexico Bus Crash
Fintech Firm Colendi Appoints Inanc Balci To Board Of Directors Fintech Firm Colendi Appoints Inanc Balci To Board Of Directors
EU Agrees On Banning Flight From Southern Africa EU Agrees On Banning Flight From Southern Africa
Turkish President Inaugurates New Houses For Izmir Quake Victims Turkish President Inaugurates New Houses For Izmir Quake Victims
European Stock Markets Nosedive Amid Fears On New Virus Variant European Stock Markets Nosedive Amid Fears On New Virus Variant
Germany Denies Lukashenko Remarks On Accepting Refugees Germany Denies Lukashenko Remarks On Accepting Refugees
US Stocks Dive Sharply As New Virus Variant Rattles Global Markets US Stocks Dive Sharply As New Virus Variant Rattles Global Markets
Bitcoin Down 10%, Crypto Market Loses $300B With New Variant Fear Bitcoin Down 10%, Crypto Market Loses $300B With New Variant Fear
YPG/PKK Releases 70 People More From Syrian Camp YPG/PKK Releases 70 People More From Syrian Camp