|11-06-2014, 07:39 AM||#1|
Oil prices extends drop on signs of rising US inventories
Oil prices resumed the slide on Wednesday ahead of a government report that may show U.S. commercial crude oil inventories rose last week.
U.S. Energy Information Administration (EIA)’s report is due to be published later today, with a consensus forecast calling for an Forecasts indicate an increase in U.S. crude oil inventories by 2.35 million barrels in the week ending October 31.
Oil prices are waiting for a direction ahead of the EIA release, still below $80 a barrel in the wake of Saudi Arabia’s decision to cut its oil exports to the United States, which pushed oil prices to its lowest level in three years.
The EIA`s upcoming release might underpin the ongoing weakness demand levels from the world`s largest energy consumer.
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