© Reuters. Crude oil prices consolidate their strong losses, what is the reason?
Arabictrader.com – Prices continued their strong losses during trading today, Wednesday, and the losses exceeded 3% levels immediately after the release of US oil inventories data, which came higher than the market expectations, and recorded a negative reading for the second week in a row.
The data released today, Wednesday by the US Energy Information Administration, showed that US crude oil inventories rose during the last week, worse than market expectations, as the US oil inventories index recorded an increase of about 3.3 million barrels during the week ending last Friday, while market expectations indicated a growth of about 1.9 Only one million barrels, after it had recorded an increase of 4.3 million barrels in the previous week, which had a negative impact on crude oil prices.
And with the passage of trading today, Wednesday, US crude oil prices consolidated their strong losses due to negative oil inventories data, and decreased by 3.53%, to reach the US crude futures contracts to the current level of 80.95 per barrel. Also, the prices of its strong losses were reinforced by the course of trading, as Brent crude contracts recorded losses of about 2.95%, and recorded about 82.22 dollars per barrel.
It is noteworthy that crude oil prices are awaiting the convening of the OPEC + meeting tomorrow, Thursday, to take a decision on production levels during the month of December, amid expectations that production policies will remain unchanged despite American pressures and pump about 400,000 additional barrels into the markets next December, and this scenario would support Oil prices if they happen tomorrow.
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