Economic news

Oil prices near multi-month lows

Oil prices near multi-month lows on Wednesday as investors shows their skeptical thoughts about OPEC's cut and other producing countries.

Brent crude oil remained unchanged at $46.02 per barrel after falling nearly 2% during the previous session.

U.S. crude futures was trading 4 cents higher at $43.55, while the greater part of the day trading was slightly lower and falling more than 2% on Tuesday to the lowest level since September.

"The lack of response in oil prices clearly allows to market participants have doubts that OPEC efforts will help to strengthen prices in a meaningful way in the short-term, until shale supply continue to grow in the United States," said Fawad Razaqzadz, market analyst at futures brokerage Forex.com

The American Petroleum Institute said on Tuesday that crude inventories in U.S. fell more than forecast. In the United States, crude oil inventories fell last week while gasoline and distillate stocks rose.



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