Oil prices drop as US stockpiles rise
Oil prices retreated Wednesday as official data revealed another rise in US crude stockpiles, adding to concerns about a global supply glut.
Prices had surged Tuesday on heightened geopolitical tensions sparked by Turkey's shooting down of a Russian fighter jet on the Syrian border, AFP reported.
Analysts warned that further escalation could affect crude supplies from the oil-producing Middle East, noting however that the world was currently experiencing a supply glut that has caused prices to slump over the past 18 months.
The US Department of Energy on Wednesday revealed that American commercial crude inventories climbed by one million barrels last week -- in line with market expectations.
Following the data, US benchmark West Texas Intermediate for delivery in January was down 17 cents at $42.70 a barrel.
Brent North Sea crude for January shed 41 cents compared with Tuesday's close to stand at $45.71 a barrel around 1800 GMT.
Traders were looking ahead also to next week's OPEC meeting for signs on whether the oil-producing cartel would slash high production levels.
OPEC member countries are due to meet on 4 December to assess the bloc’s production policy and the global oil market, months after their June decision not to cut oil production despite a slump in global oil prices.
"An agreement to cut the production target will definitely be a booster for oil prices," Bernard Aw, market strategist at IG Markets in Singapore, told AFP.
Iran has already called on OPEC to cut its total oil production to stay within the daily quota as a policy that it says could help push up prices.
Iran’s Oil Minister Bijan Zangeneh told reporters this week that had presented a request to the same effect to the Organization. However, he emphasized that he does not expect OPEC to take any specific decision on quota in its upcoming meeting.
Pakistan says Iran's gas project ‘need of the hour’, pushes for US sanctions waiver
Israeli economy plunges almost 20% as Gaza war takes heavy toll
IMF to urge China to shift growth model towards consumption
VIDEO | US-Israeli genocide in Gaza
Hamas welcomes UN resolution for Palestine's membership bid
Flash floods kill 62 in one day in north Afghanistan
VIDEO | India sells arms to Israel amid regime’s genocide in Gaza
Iran welcomes UN resolution to revive Palestine's membership bid
Four Israeli forces killed in Gaza City as fighting rages
'UK flown 200 spy missions over Gaza in support of Israel'
UN General Assembly resolution urges fresh vote on Palestinian statehood
This makes it easy to access the Press TV website
