Oil prices fall 1 percent, rising U.S. supplies offsets OPEC cuts
Buz Investors Oil prices fall 1 percent The commodity is trading at $53.96 per barrel at 10:40 GMT this morning, 0.15% lower from the New York close. Crude oil witnessed a high of $54.23 per barrel and a low of $53.84 per barrel during the session. In the New York session yesterday, crude oil fell 0.68% to close at $54.04 per barrel, pressured by prospect of faster growth in US oil output. Immediate downside, the first support level is seen at $53.66 per barrel, while on the upside, the first resistance level is at $54.43 per barrel.
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Oil prices fall 1 percent
pressured by prospect of faster growth in US oil output.
Global oil prices fell 1 pct on Tuesday but continued to trade in a tight range, as concerns about rising U.S. crude inventories ahead of data overshadowed OPEC production cuts.
US crude stockpiles have been rising for seven consecutive weeks, and forecasts of an eighth build of 2.9 million barrels last week fueled worries that demand growth may not be sufficient to soak up the global crude oil glut.[EIA/S]
Inventory data is due from industry group the American Petroleum Institute at 4:30 p.m. EST (2130 GMT) and the government’s report at 10:30 a.m. EST on Wednesday.
By 10:48 a.m. EST, U.S. West Texas Intermediate crude futures was down 62 cents at $53.43 a barrel and Brent crude fell 50 cents to $55.43 a barrel.
The Organization of the Petroleum Exporting Countries has so far surprised the market by showing record compliance with oil-output curbs, and could improve in coming months as the biggest laggards – the United Arab Emirates and Iraq – pledge to catch up quickly with their targets.
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