Oil trades slightly lower on inventory rise fears

Markets 9/13/2017, 9:50 AM
Oil trades slightly lower on inventory rise fears

Oil prices traded slightly in the red on Wednesday as investors continued to fear rising crude stockpiles in the United States. Meanwhile, market watchers reported that the American Petroleum Institute stated on Tuesday that oil inventories saw a huge build for the past week. The news offsets the previously made gains that followed after Organization of the Petroleum Exporting Countries (OPEC) outlook for higher oil demand in 2018.

In the meantime, OPEC members and other major oil producers led by Russia continued to make efforts to stabilize the crude market by implementing the output cut agreement. The deal assumes a production cap of 1.8 million barrels per day until March 2018. However, several OPEC members hinted further extension of the cut beyond March is possible.

West Texas Intermediate for October delivery edged down 0.02%, changing hands for $48.20 per barrel at 9:36 am CET while the international benchmark Brent for settlements in November shed 0.24% to trade for $54.15 per barrel at 9:37 am CET. 

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F WBS+0.04%

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Brent Crude (...+0.80%

Chart for: F BRN 11/17