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Oil is trading in the red zone
This morning New York WTI crude oil futures fell by 1.05% to $ 47.12 and Brent oil futures fell 1.16% to $ 49.40 per barrel. Thus, the black gold is traded lower corecting after the up move due to a sharp decline in US oil inventories due to falling imports on the US Gulf Coast to a record low. The reserves of black gold in the United States fell for the week by 14.51 million barrels - the most since January 1999, according to the Energy Information Administration. Import in the US Gulf of Mexico has fallen to 2.5 million barrels per day. Analysts said imports fell because of the Tropical Storm Hermine, which provoked the suspension of shipments in Texas and Louisiana.
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