Oil prices fall on surprise rise in U.S. inventories, high OPEC output

2 Aug 2017   Prices

Oil fell on Wednesday, with rising U.S. fuel inventories pulling U.S. crude back below $50 per barrel, while ongoing high supplies from producer club OPEC weighed on international prices. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $48.85 per barrel at 0046 GMT, down 31 cents, or 0.6 percent, from their last settlement. That came after the contract opened above $50 for the first time since May 25 on Tuesday. Brent crude futures LCOc1, the international benchmark for oil prices, were trading down 30 cents, or 0.6 percent, at $51.48 per barrel. The American Petroleum Institute (API) said late on Tuesday that U.S. crude stocks rose by 1.8 million barrels in the week ending July 28 to 488.8 million, hitting hopes that recent inventory draws were a sign of a tightening U.S. market. In global markets, prices were weighed down by a survey this […]

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