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Oil prices decline on rising US inventories

Published : Thursday, 12 December, 2019 at 4:49 PM  Count : 153

Oil prices decline on rising US inventories

Oil prices decline on rising US inventories

Oil prices extended losses on Wednesday after data showed an unexpected build in U.S. crude inventories.

U.S. commercial crude oil inventories increased by 0.8 million barrels from the previous week, the U.S. Energy Information Administration said on Wednesday, Xinhua reports.

At 447.9 million barrels, U.S. crude oil inventories were about 4 percent above the five-year average for this time of year.

The West Texas Intermediate (WTI) for January delivery decreased 0.48 U.S.  dollar to settle at 58.76 dollars a barrel on the New York Mercantile Exchange. Brent crude for February delivery erased 0.62 dollar to close at 63.72 dollars a barrel on the London ICE Futures Exchange.


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