Oil falls 2-3% due to supply concerns and US crude near $ 27

Published in the economic
Wednesday, 20 December 2 / January 2016 14:58

SINGAPORE (Reuters) - Oil futures fell again in Asian trading on Wednesday, and US crude fell more than three percent to near $ 27 a barrel, the lowest level since 2003, due to concerns about oversupply in the world market.
This comes after the International Energy Agency, which advises industrialized nations on energy policy that oil markets could "sink into a glut in supply" in 2016 warned.
And US crude futures fell 97 cents to $ 27.49 a barrel, or the equivalent of 3.4 percent by the time 0625 GMT, its lowest level since September 2003, after she finished, or the equivalent of 3.26 percent the previous session low of 96 cents.
Michael McCarthy, senior market analyst at CMC Markets in Sydney, said that the end of February contracts on Wednesday, "probably" has added more downward on WTI pressure where the oldest traders to close the centers.
And it landed futures for Brent crude global measurement 61 cents to $ 28.15 a barrel, or the equivalent of 2.1 percent to remain near the lowest level in 12 years recorded on Monday. The contract rose 21 cents, or about 0.7 percent in the settlement of the previous session.
McCarthy said that the market has already taken into account the amount predicted Tehran added global production amounting to 500 thousand barrels per day.
It showed an initial survey conducted by Reuters ahead of publication of weekly inventory data in the United States on Tuesday that commercial crude stocks are expected to be increased by three million barrels last week.
It is scheduled to publish the American Petroleum Institute inventory data later on Wednesday, while publish official data from the Energy Information Administration of the US Department of Energy Administration on Thursday after a day earlier than usual because of a public holiday.