Economic news

Oil prices reached lowest since November

On Wednesday, oil prices fell to near four-month lows, after data showed that U.S. oil reserves growing faster than expected, thereby exerting pressure on OPEC to extend oil glut beyond June.

Brent crude fell 66 cents at $50,30 a barrel, after falling to $50.05, the lowest November level, which was followed by a proposal to reduce by OPEC while the agreement was reached in December.

U.S. light crude fell 63 cents at $47.61 a barrel, also rolled into the side its lowest level in almost four months. 

The American Petroleum Institute reported on Tuesday that U.S. reserves rose by 4.5 million barrels last week to 533.6 million, ahead of analysts ' forecasts of 2.8 million. 

Investors want to see now whether the figures provided on Wednesday by the U.S. Department of Energy confirm the growth.

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  • avatar-1723
    • #

    It's a very natural situation 'cause U.S. reserves will grow independently of OPEC cuts.

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