Oil is trading lower today and is set for a weekly loss after a statement of Kuwait's oil minister saying that the OPEC, whose members account for 40% of worldwide production, have no choice but to maintain output levels I order to fight for market share. The possibility of a deal with Iran and an easing of sanctions further weighed on prices. Earlier this week data showed that oil supplies in the U.S. rose to the highest level on record last week putting pressure on oil prices. U.S. crude oil inventories rose by 9.6 million barrels. Brent Crude lost -1.01%, currently trading at USD53.88 a barrel. On January 13th Crude set a low at USD45.19. West Texas Intermediate lost -1.11% currently quoted at USD43.47.
Oil prices declined sharply in recent months as worldwide supply exceeds demand in a period of low global economic growth, pushing stockpiles to record highs and weighing on prices.