#Crude #oil prices slump on Wednesday Crude oil prices declined on Wednesday as oil cartel Organization of #Petroleum Exporting Countries (OPEC) member country Saudi Arabia appeared skeptical on the need to curtail production levels. The fall in prices was also a result of a rise in US fuel inventory levels. A crude oil trader informed that #OPEC’s largest member country Saudi Arabia raised questions on the need to curtail output. The cartel has stated that demand for crude produced by its members will decline next year by around 300,000 bps to 28.9 million barrels. The global oil market has been witnessing constant bearish positions as the three largest members of OPEC have offered oil parcels for January to Asia at discounted levels. The fall in prices was also triggered by the weekly fuel inventory report brought out by the US-based Energy Information Administration (EIA) for the week ended December 5, 2014 which stated that crude oil inventories rose by 1.5 million barrels. #Gasoline stockpiles gained by 8.2 million barrels and distillate stockpiles comprising heating oil and diesel, rose by 5.6 million barrels. #Nymex crude futures traded lower at USD 60.94/barrel while Dated Brent prices were down at USD 64.24/barrel. WTI #Cushing prices were lower at USD 60.94/barrel. To get access to such business critical news on a daily basis. Subscribe Now to Polymerupdate… Call us on +91-22-61772000 or email us on info@polymerupdate
Posted on: Thu, 11 Dec 2014 05:49:55 +0000
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