1/23, 11:04 AM (Source: TeleTrader)
more TeleTrader news

Oil falls ahead of official US inventory data

Crude oil futures prices fell over 1% on Thursday after private data from the US showed a surprise buildup in US oil inventories ahead of official data on US crude oil stockpiles which is set to be released later in the day.

Meanwhile, Nigerian Petroleum Resources Minister Timipre Sylva stated that the Organization of the Petroleum Exporting Countries (OPEC) will be ready to cut oil production further at its meeting in March, if conditions require the move. In December, OPEC increased its output cuts by 500,000 barrels per day to 1.7 million bpd for the first three months of 2020.

West Texas Intermediate (WTI) futures expiring in March declined 1.48% at 4:40 am ET and went for $55.90 per barrel. International benchmark Brent due in March fell 1.17% to $62.46 per barrel at 4:51 am ET.

Breaking the News / VP