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Oil: Prices decline on concerns over U.S. stockpiles and oversupply
Oil prices declined in today's trading after rising earlier on worries about an U.S. oversupply and U.S. stockpiles at record highs leaving Crude trading back below USD60 and WTI slightly above USD50. Brent Crude lost -1.10%, currently trading at USD59.56 a barrel. On January 13th Crude hit a low at USD45.19 and began to rise on reports on declining rig numbers in the U.S. and capital expenditure cuts. West Texas Intermediate declined by -1.44% currently quoted at USD50.08.
Oil prices lost more than 50% between June and January before rebounding from lows. Worldwide supply still 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. Rising U.S. stockpiles are contributing to a global glut that drove prices lower. The U.S., Brazil, Russia and the OPEC are producing at record levels.
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