Oil falls on the impact of US stocks and OPEC production

Views 0 Date 13/10/2016 - 09:47

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Oil prices fell in Asian markets Thursday after OPEC announced an increase in its production in September to the highest level in at least eight years, also supported the landing reports on the increase in crude oil inventories in the United States.

It was futures for Brent crude traded value of $ 51.52 a barrel at 0103 GMT, at a low of 29 cents, or 0.6 percent, from the previous closing price of the session.

West Texas Intermediate crude fell by 35 cents, or 0.7 percent, bringing the price of US $ 49.83 a barrel.

Traders said oil markets are under pressure Bdbarhat Organization of Petroleum Exporting Countries (OPEC) to increase production, despite the group's decision at a meeting of Algeria to reduce the production ceiling to rein in the current supply glut.

It is scheduled to be published on Thursday, the US Energy Information Administration (EIA), official data about the amount of crude oil inventories in the United States.

According to the American Petroleum Institute, crude oil inventories in the United States rose by 2.7 million barrels last week, the highest rise in the amount of inventories six weeks ago.

Traders also noted that the rise in the dollar, which is hovering near its highest price levels in seven months, with talk of higher US interest rates contributed to the pressure on the futures price of crude oil.

The OPEC has said in its monthly report issued Wednesday, it pumped 33.39 million barrels a day last month, according to data compiled by the organization from secondary sources, an increase of 220 thousand barrels per day over August.

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