Economic news

Oil prices slip on new U.S. crude inventories data and output

Prices for oil slipped a bit on Thursday, under the influence of a sudden rise in U.S. crude inventories and production of oil, as well as its sales abroad that moved up last week.

Brent crude futures dropped to $58.36 per barrel this morning, which is 8 cents loss. Brent held near a dollar lower than over 2 years peak of $59.49 of September, bolstered by Saudi Arabia’s official saying this week that the country’s is going to stick to its decision of stopping the global oversupply.

U.S. WTI crude futures dropped to $52.04, which is 29 cents decrease.

As for U.S. crude inventories, they grew by 856,000 barrels in the past week, according to the U.S. Energy Information Administration. Experts though had forecasted a fall by 2.6 mln barrels.

Following the data of the EIA on inventories of gasoline and heating oil demonstrating slump by over 5 mln barrels for both, relating U.S. futures jumped.

Although a slide was registered for fuel inventories regardless of refining output growth. The market is a bit disoriented because of a combination of positive and negative signals, said Japan Oil, Gas and Metals National Corp’s Takayuki Nogami.

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