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Oil: prices under pressure ahead of official U.S. stockpiles data
Oil is trading lower continuing the recent decline after data on U.S. stockpiles was reported yesterday by the American Petroleum Institute. U.S. inventories rose by 10.5 million barrel to a record of 450 million barrel. Analysts expected an increase of 3.8 million. Official data by the EIA, the Energy Information Agency, are due today at 14:30 GMT. Last week stockpiles already reached the most in 80 years. Concerns over a maximum of capacity reached puts further pressure on the price. The U.S. are the world's largest consumer of oil. Brent Crude lost -1.16%, currently trading at USD52.89 a barrel. On January 13th Crude set a low at USD45.19. West Texas Intermediate slumped -2.92% currently quoted at USD42.19.
Oil prices declined by almost 60% between June 2014 and January 2015 and recovered by almost 35% in 2015 before declining again. Although prices rebounded after setting new lows, worldwide supply still exceeds demand in a period of low global economic growth, pushing stockpiles to record highs and weighing on prices.
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