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MTECHTIPS:-NYMEX crude trades weaker in Asia on U.S. inventories, OPEC awaited

Thursday, November 17, 2016 1:44
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MTECHTIPS:-NYMEX crude trades weaker in Asia on U.S. inventories, OPEC awaited

 

MTECHTIPS- U.S. Crude prices fell in Asia on Thursday as investors gear up for an expected make or break meeting at the end of the month on plans by OPEC to curb OPEC as inventory builds in the U.S. gain attention. Crude oil for December delivery on the New York Mercantile Exchange fell 0.26% to $45.45 a barrel. Brent oil for January delivery on the ICE Futures Exchange in London was last quoted at $46.46 a barrel, up 0.22%. Overnight, oil prices added to losses during North American hours on Wednesday, falling to the lowest levels of the session after data showed that crude supplies rose the third straight week. The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 5.3 million barrels in the week ended November 11. Market analysts’ expected a crude-stock gain of 1.5 million barrels, while the American Petroleum Institute late Tuesday reported a supply increase of 3.7 million barrels. Supplies at Cushing, Oklahoma, the key delivery point for Nymex crude, increased by 691,000 barrels last week, the EIA said. Total U.S. crude oil inventories stood at 490.3 million barrels as of last week, which the EIA considered to be “historically high levels for this time of year

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