Mubasher TV
Contact Us Advertising   العربية

Oil prices down after rise in US oil stocks

Oil prices down after rise in US oil stocks

Mubasher: Oil prices remained in a downwards trend on Wednesday after data showed a surge in crude oil inventories in the United States.

The US Energy Information Agency (EIA) said in its weekly report that crude oil stockpiles increased by 5.8 million barrels last week, against expectations of a 1.5 million-barrel decline.

Crude prices are also affected by the talks of easing the limits of the OPEC-led output cut agreement.

Brent crude futures decreased by $1.22 to $78.35 per barrel, and Nymex fell 68 cents to $71.52 a barrel.