Oil drops below $40 US on supply report
原始发布日期： 2015-12-02 发布者：中和字变大 字变小
OPEC counties not expected to cut output Crude futures fell after the U.S. Energy Information Administration (EIA) said U.S. commercial crude inventories unexpectedly rose by 1.2 million barrels over the previous week. ( Associated Press) The price of oil tumbled below $40 US a barrel on Wednesday following the release of figures that show a growing glut of crude.The West Texas Intermediate crude oil futures contract for January delivery slumped 4.5 per cent to $39.95 US in afternoon trading on the New York Mercantile Exchange. The drop followed the morning release of a closely watched inventory report that showed supplies continuing to build. The U.S. Energy Information Administration (EIA) said U.S. commercial crude inventories unexpectedly rose by 1.2 million barrels over the previous week. "U.S. crude oil inventories remain near levels not seen for this time of year in at least the last 80 years," the EIA said. Gasoline and distillate inventories also increased. OPEC countries will begin their last meeting of the year on Friday but oil ministers are not expected to take any meaningful action to stem the global supply glut. Saudi Arabia is expected to reject calls from fellow OPEC members to cut output. Brent oil prices dropped for a fifth straight session. With files from Reuters and The Associated Press |