Economic news

U.S. crude inventories and output make oil fall

Oil markets fell on Thursday, dragged down by climbing crude inventories and output in the U.S. together with a more solid dollar, which could impede fuel consumption in states having other official currencies.

Brent crude prices, the global gauge, was down $0.17 from the last close, reaching $56.12 per barrel this morning. West Texas Intermediate crude got down to $50.58 for a barrel, which is $0.11 fall.

Commercial crude inventories in the United States grew for a third week in a row, amassing 4.6 mln barrels last week and moving up to 472.83 mln barrels.

American oil refineries have almost got over the shutdowns after the hurricane, now producing 9.51 mln barrels daily, which is 8.78 mln barrels more than straight after the storm.

Tightening of the markets could occur in case OPEC reduces production for a longer period seeking to lower supplies and uphold prices.

OPEC is going to get together in Austria this week to talk over the extension of the decision to decrease production with several countries outside of OPEC. This deal has taken effect at the beginning of the year and in the current form it is due to terminate in March next year.


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