Prices of crude oil futures was seen trading near a five-month low during the Asian trading hours on Wednesday as the crude oil inventories in the US rose last week.
West Texas Intermediate for December delivery advanced 62 cents to $93.99 per barrel on the New York Mercantile Exchange and stood at $93.88 at 2:00pm in Singapore. The contract lost $1.25 to $93.37, the lowest since June 4.The European benchmark crude Brent for December delivery advanced as much as 75 cents to $106.08 per barrel on the ICE Futures Europe exchange. Yesterday it dropped 90 cents to $105.33, the lowest level since July 2.
Crude Oil Futures – Fuel Supplies
On Tuesday, the industry-funded American Petroleum Institute (API) reported that crude oil inventories in the US increased from 871,000 barrels to 382 million barrels in the week ending November 1, growing for the seventh week in a row and surpassing analysts’ expectations of a 1.6 million rise in oil stockpiles. Gasoline stockpiles saw a decline of 4.29 million and a 2.73 million drop in distillates.
Meanwhile the Us Energy Information Administration are expected to release its crude oil inventories report, as analysts forecast an increase of 2.1 million barrels to 386 million barrels, which would be the seventh consecutive weekly rise.
The US stands as the world’s largest oil consumer and accounts for 21% of global oil demand this year, while China stands as the second-largest consumer with 11% of global demand, according to estimates from the International Energy Agency.
Crude Oil Futures – Libya
In Libya, the continuous turmoil continues to escalate as the oil production from the oil-rich country dropped to 10% of its capacity.
Members of Libya Petroleum Facilities Guard shut down the eastern port and three other terminals earlier in July in order to demand more funds and equipments from the government.
Libya is a member of the Organization of the Petroleum Exporting Countries (OPEC) and a holder of Africa’s largest oil reserves according to the EIA.
US Data
On Tuesday, the Institute for Supply Management (ISM) released figures for the non-manufacturing Composite Index, showing a rise of 55.4 points in October, up from 54.4 recorded in the previous month and above analysts forecast of 54.0.
Visit www.hymarkets.com today and find out more on how you can how you can trade Energy products with only $50.
The post Crude Oil Futures Trades Near Five-month Low appeared first on | HY Markets Official blog.
Article provided by HY Markets Forex Blog
