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Oil: Prices under pressure ahead of U.S. Crude inventories
Brent crude and West Texas Intermediate are trading lower today ahead of U.S. Crude Oil Inventories due at 15:30 GMT to get an indication on demand from the world's largest consumer of oil. Stockpiles are forecasted having increased by 4.1 million barrels last week. Yesterday the American Petroleum Institute reported that stockpiles increased by 12.7 million barrels.
Brent Crude lost -0.79%, currently trading at USD49.21 a barrel, still below the important USD50 level but getting closer as the U.S. dollar weakened. On January 13th Crude hit a low at USD45.19. West Texas Intermediate declined by -1.73% currently quoted at USD45.43.
Oil prices fell by nearly 60 percent over the past six months, and both key brands of oil are currently trading below $ 50 a barrel as the worldwide supply exceeds demand in a period of low global economic growth and the OPEC refusing to cut output rates to stabilize prices. Smaller OPEC members want to cut production but the organisation, responsible for 40% of worldwide production focuses on its fight for market share.
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