Oil prices continue to decline

Oil prices continued their downward trend on Wednesday as the increase in US crude stocks and a record level of supply in the rest of the world’s data showed, which cast doubt on the Organization of Petroleum Exporting Countries, the ability of OPEC to cut supply and balance the market.

By 0416 GMT, futures for WTI fell median 13 cents, or 0.3 percent, to $ 49.43 a barrel after gaining 0.7 percent in the previous session.

US crude fell in seven of the last eight sessions.

Traders said WTI affected after a report released by the American Petroleum Institute late on Tuesday on the increase in US crude inventories rose 897 thousand barrels in the week ending April 21 to 532.5 million barrels.

Global fell London Brent crude futures up 12 cents, or 0.2 percent, to $ 51.98 a barrel. Brent and at least about 8.5 percent from its peak in April.

OPEC has pledged to independent producers, including Russia, but with the exception of the United States, to cut production by about 1.8 million barrels per day during the first half of this year in order to control the supply glut continued for years and support prices.

However, prices remained low during the current year as US stocks continued to increase and reached the global fuel supply to new record levels despite pledges to cut production.

Source: waradana

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