Crude oil inventories in the United States rose 3.58 million barrels last week: EIA By Investing.com

Investing.com – US crude oil inventories rose more than expected last week, increasing selling pressure on Wednesday.

EIA data showed an increase of 3.58 million barrels during the week, reaching 23 November. was compared to the forecast for a stockpile of 0.77 million barrels, after construction of 4.85 million barrels the previous week.

barrels, while recording an unexpected gain of 2.61 million barrels, compared with an expected decline of 0.86 million barrels.

Trade fell by 1.53% to 50.77 USD per barrel at 10:34 ET (15:34 GMT), against 51.09 USD before publication.

Oil prices are under pressure since the record reached on October 4, with US crude oil down more than 30%, while traders worry about the increase in production and of the potential economic impact of a trade war between the United States. and China are slowing appetite.

With US and Saudi output approaching record levels, concern over the glut of global supply is driving down prices.

proposal to reduce the production of at least 1 million barrels a day.

But Saudi Arabia said on Wednesday that it was not going to tackle the reduction alone, according to a Reuters report, thereby reducing hopes for meaningful measures to curb recent declines. [19659013] Warning: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time or accurate. All CFDs (stocks, indices, futures) and Forex prices are not provided by stock exchanges but by market makers. As a result, prices may not be accurate and may differ from market prices, meaning that prices are indicative and not appropriate for trading. As a result, Fusion Media badumes no responsibility for any business losses you may suffer as a result of using this data.

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