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Oil prices drop as big build in US crude stockpiles raises spectre of supply glut

Category: Economy

Date: 2020-11-18T06:34:22+0000
Oil prices drop as big build in US crude stockpiles raises spectre of supply glut

Shafaq News / Oil prices fell on Wednesday after a bigger-than-expected build in U.S. crude stockpiles stoked fears for weak fuel demand and a potential supply glut, but hopes that OPEC and its allies will postpone a planned January increase to oil output braked losses, Reuters reported.

Brent crude futures for January LCOc1 dropped 14 cents, or 0.3%, to $43.61 a barrel by 0142 GMT having lost 0.2% on Tuesday. U.S. West Texas Intermediate crude for December CLc1 slid 25 cents, or 0.6%, to $41.18 a barrel, reversing a 0.2% gain on Tuesday.

The American Petroleum Institute (API) said on Tuesday that U.S. crude inventories rose by 4.2 million barrels last week, well above analysts’ expectations in a Reuters poll for a build of 1.7 million barrels. [EIA/S] [API/S].

To tackle weaker energy demand amid a new wave of the COVID-19 pandemic, Saudi Arabia called on fellow members of the OPEC+ grouping - OPEC and other producers including Russia - to be flexible in responding to oil market needs as it builds the case for a tighter production policy in 2021.

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