Crude prices retreat on hopes for a big leap

2 November, 2016

Crude prices retreat on hopes for a big leap

On Wednesday, crude futures retreated during early Asia trade, following hopes that American crude inventories were spurred greatly last week, thus exacerbating the global glut, which has kept prices in the doldrums for more than two years.

In New York, December delivery light, sweet crude futures fell 0.79%, trading at $46.30 per barrel, while in London, January delivery Brent crude futures dipped $0.29, hitting $47.85 a barrel.

American crude stockpiles are supposed to have swelled by approximately 9.3 million barrels by October 28, as the industry group American Petroleum Institute states. The growth, if officilally confirmed by the US Energy Information Administration later Wednesday, would point out to the biggest single-week growth since March. Financial experts cite strong imports along with low refinery utilization as reasons for the surge.

At 468.2 million barrels, American crude inventories appear to be above the 448-million-barrel inventory at this time the previous year, as the EIA informed last week.


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