Oil Price Slips On U.S. Inventories, OPEC Comments

Oil slipped to about $60 a barrel on Wednesday, pressured by rising U.S. inventories and doubts over whether an OPEC-led output cut will be agreed next week.

U.S. crude stockpiles rose last week, the American Petroleum Institute (API) industry group said on Tuesday before Saudi Arabia dampened hopes of production cuts by OPEC and its allies by saying on Wednesday that it would not act alone and Nigeria stopped short of committing to a new push to curb supplies.

The API said that U.S. crude stocks rose by 3.5 million barrels, more than analysts forecast. The government’s official supply report is due at 1530 GMT.

The outcome of next week’s OPEC meeting “remains clouded by uncertainty”, said Stephen Brennock of oil broker PVM. “Elsewhere, a glut of stored oil in the U.S. shows no sign of waning.”

Brent crude, the global benchmark, fell 27 cents to $59.94 a barrel at 1119 GMT after trading as high as $61.27. U.S. crude was down 10 cents at $51.46.

The price of Brent has slumped by more than 30 percent from a four-year high above $86 in early October, pressured by concerns that supply will exceed demand in 2019 as economic growth slows.

The Organization of the Petroleum Exporting Countries (OPEC) plus Russia and other allies meet on Dec. 6-7. Producers are discussing a supply curb of 1 million to 1.4 million barrels per day (bpd) and possibly more, OPEC delegates have told Reuters.

“OPEC needs to cut if it wants the market to be a little less oversupplied in the first half of 2019,” said Petromatrix analyst Olivier Jakob.

Source: Reuters

Featuredoil priceOPEC
Comments (31)
Add Comment
  • Property Rental Agents

    Woah! I’m really digging the template/theme of this site.
    It’s simple, yet effective. A lot of times it’s difficult to get that “perfect balance” between user friendliness and visual appearance.

    I must say you’ve done a awesome job with this.

    In addition, the blog loads very fast for me on Chrome. Exceptional Blog!

  • http://www.soccerjerseysclubs.com/salah-gianh-danh-hieu-cau-thu-xuat-sac-nhat-chau-phi-2018.html

    all the time i used to read smaller posts which also clear their
    motive, and that is also happening with this piece of writing which I am reading now.

  • guide to marbella

    I am truly glad to glance at this weblog posts which includes plenty of valuable data, thanks for providing such information.

  • تسديد قروض

    It’s enormous that you are getting ideas from this
    piece of writing as well as from our dialogue made at this place.

  • https://vimeo.com/309835022

    Greetings from Ohio! I’m bored at work so I decided to check
    out your website on my iphone during lunch break. I
    enjoy the knowledge you present here and can’t wait to
    take a look when I get home. I’m shocked at how fast your blog loaded on my mobile ..
    I’m not even using WIFI, just 3G .. Anyhow, amazing blog!

  • http://www.soccerjerseysclubs.com/nhung-guong-mat-cua-doi-tuyen-viet-nam-tung-cam-hoa-iraq-3-nam-ve-truoc.html

    I am really impressed with your writing skills and also with the layout on your weblog.
    Is this a paid theme or did you customize it yourself? Anyway keep up the nice quality writing,
    it’s rare to see a nice blog like this one today.

  • xpornplease.com

    I was curious if you ever thought of changing the layout of your blog? Its very well written; I love what youve got to say. But maybe you could a little more in the way of content so people could connect with it better. Youve got an awful lot of text for only having 1 or two pictures. Maybe you could space it out better?|

  • menang ceme 99 online indonesia terpercaya

    I’m really enjoying the design and layout of your website.

    It’s a very easy on the eyes which makes it much more pleasant for me to come here and visit more often. Did you
    hire out a developer to create your theme? Superb work!

  • web designing companies in Birmingham

    Hello.This post was extremely motivating, particularly
    since I was investigaing for thoughts oon this subject last
    Thursday.

  • Real Estate

    I relish, result in I found exactly what
    I was taking a look for. You’ve ended my four
    day lengthy hunt! God Bless you man. Have a nice day.

    Bye

  • camera ip

    I have read so many articles on the topic
    of the blogger lovers but this piece of writing is genuinely a
    good piece of writing, keep it up.

  • Judi Bola Terpercaya

    I pay a quіck visit evеryday some sites and blogs
    to read posts, excеpt this webpage gіves feature based posts.

  • http://www.soccerjerseysclubs.

    Wow, this paragraph is fastidious, my sister is analyzing these things,
    thus I am going to inform her.

  • hải nam camera

    This article provides clear idea in favor of the new visitors of blogging,
    that actually how to do blogging.

  • khuyến mãi

    What’s Happening i am new to this, I stumbled upon this I have found It positively useful
    and it has aided me out loads. I am hoping to give a contribution & help other customers like its
    aided me. Good job.

  • high pressure air Hose

    Great article.

  • camera quan sat

    I read this piece of writing completely regarding the comparison of latest and preceding technologies, it’s remarkable
    article.

  • body sculpting reviews

    When I initially left a comment I seem to have clicked on the
    -Notify me when nnew comments arre added- checkbox and noow whenever a comment is added I recieve four emails with the same comment.
    There has to be a means you are able to remove me from that service?
    Thanks a lot!

  • cat hat

    Awesome post.

  • تسديد قروض

    I read this paragraph completely concerning the difference of most recent and earlier technologies, it’s amazing article.

  • Anonymous

    What’s up to all, the contents existing at this web
    site are really amazing for people experience, well,
    keep up the nice work fellows.

  • تسديد قروض

    WOW just what I was looking for. Came here by searching for تسديد قروض

  • http://www.buzzsprout

    I could not refrain from commenting. Perfectly written!

  • checkout

    Hi there, You’ve done a fantastic job. I will certainly digg it
    and personally recommend to my friends. I’m confident they’ll
    be benefited from this web site.

  • giấy in thành đạt

    Why viewers still use to read news papers when in this technological world everything is available on net?

  • www

    Hi there i am kavin, its my first time to commenting anywhere, when i read this post i
    thought i could also create comment due to this sensible paragraph.

  • Finlay

    Usually I do not learn article on blogs, however I wish
    to say that this write-up very pressured me to check out and do
    so! Your writing taste has been amazed me. Thanks,
    very nice article.

  • Bert

    Its like you read my mind! You appear to know so much about this,
    like you wrote the book in it or something. I think that you can do with a few pics
    to drive the message home a little bit, but other than that, this
    is great blog. A fantastic read. I will certainly be back.

  • Tesgo

    Thanks for publishing this awesome article. I’m a long time reader but I’ve never been compelled to leave a comment.
    I subscribed to your blog and shared this on my Twitter.
    Thanks again for a great post!

  • coin master cheats for android

    First of all I would like to say fantastic blog!
    I had a quick question which I’d like to ask if you don’t mind.

    I was curious to find out how you center yourself and clear your thoughts before writing.
    I have had a hard time clearing my mind in getting my thoughts out.
    I truly do enjoy writing but it just seems like the first 10
    to 15 minutes are generally lost just trying to figure out how to begin. Any suggestions
    or hints? Thank you!

    • e360

      I totally can relate with your situation, that’s every writers nightmare to have thoughts clogging your writing process. However, because writing is important to you and it’s a task you must complete, you have to shake off every other thoughts from your head. You could listen to a music or read a few lines from a book or go for a short walk to re-concentrate your mind in the minutes before you start writing. I hope this helps. Good luck!