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Oil prices fall on concerns over global oil oversupply
Oil prices declined on concerns over global oil oversupply. Russian Energy Minister Alexander Novak said on Wednesday that Russia might increase oil production by 1% this year from 10.6 million barrels per day in 2014.
Kazakh Deputy Energy Minister Uzakbai Karabalin said on Wednesday that the country could lower its oil production by a tenth in 2016 if oil prices fall to $30 per barrel. Kazakhstan produced about 1.6 million barrels a day in 2014.
Earlier, oil prices benefited from the news that China's Finance Ministry would strengthen fiscal policy to boost the economy.
Market participants are awaiting the release of U.S. crude oil inventories data. The American Petroleum Institute (API) is scheduled to release its U.S. oil inventories data later in the day, and U.S. oil inventories data from the U.S. Energy Information Administration is expected on Thursday.
WTI crude oil for October delivery decreased to $45.16 a barrel on the New York Mercantile Exchange.
Brent crude oil for October declined to $48.34 a barrel on ICE Futures Europe.
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