Return to News Categories

Commentary and Educational Cattle - Hogs / Livestock News Currencies News Energy News Grain News Index News Interest Futures News Metals Futures News Reports: Crops, CFTC, etc Soft Commodities News

Futures and Commodity Market News

Oil prices drop as crude stocks increase

Jan 31, 2018 (MarketLine via COMTEX) --

Oil prices have dropped for the third consecutive day after data from American Petroleum Institute indicated that crude stocks increased more than expected last week.

Brent crude dropped 0.69 cents to touch $68.33 a barrel, which is almost a two-week low, while US West Texas Intermediate (WTI) futures fell 67 cents to reach $63.83 after dropping to its lowest level in over a week, reported Reuters.Sun Global Investments chief executive Mihir Kapadia was quoted by the news agency as saying: "Increasing concerns over the rising US production continue to mount pressure on the commodity."Over the past couple of years, US producers have gained significant inroads in the global oil market industry."WTI and Brent process continue to be on track for a fifthconsecutive month of gains.The report from the American Petroleum Institute, however, indicated anincrease in crude stocks by 3.2 million barrels last week, impacting the global oil market.US companies added 12 oil rigs last week, which is the highest weekly increase since March 2017.US Energy Department data may indicate an increase in stocks for the first time in 11 weeks.
Republication or redistribution, including by framing or similar means,
is expressly prohibited without prior written consent. Datamonitor shall 
not be liable for errors or delays in the content, or for any actions 
taken in reliance thereon

Copyright (C) 2018 Datamonitor. All rights reserved

Please read the End User Agreement.
By accessing this page, you agree to the terms and conditions of the End User Agreement.

News provided by COMTEX.

Lt Crude 5834.60
Nat Gas 8.301
Corn 367 4/8
Cotton #2 77.16
Gold 1349.4
Copper 3.2385
Euro 1.24300
USD Index 89.013
SP500 E-mini 2736.25
DJIA E-mini 25236