Crude prices continue fall as the West Texas Intermediate (WTI) falls below $77 and Brent extended losses under $80 a barrel on Thursday before the release of the US stockpiles report.
Futures for the North American West Texas Intermediate (WTI) for December delivery fell 0.57% to $76.71 a barrel on the New York Mercantile Exchange. Prices have fallen by 22% this year.
The European Brent crude for December settlement traded 0.72% lower to $79.80 a barrel on the London-based ICE Futures Europe exchange.
China’s downbeat industrial output figures also weighed on crude prices as analysts predict oil to remain muted.
A report from the Energy Information Administration due later in the day is expected to show a rise in US crude inventories by 1.1 million barrels to 381.2 million in the week ended Nov 7.
Free Reports:
Gasoline stockpiles are forecasted to have risen by 350,000 barrels, while distillate supplies, including heating oil and diesel are seen to have fallen by 1.5 million.
A separate report released on Wednesday by the American Petroleum Institute showed that crude stockpiles in the US declined by 1.5 million barrels.
The Organization of the Petroleum Exporting Countries (OPEC) announced its production fell sharply in October, while the group’s main producers such as Saudi Arabia and Kuwait have resisted to calls to cut crude output and offered discounted prices instead.
Other countries including Ecuador, Venezuela and Libya raised concerns and called for action to prevent the commodity from its downward trend.
The 12-member group is scheduled to meet on November 27 in Vienna.
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