Mubasher: Oil prices declined on Wednesday amid fears of a market supply glut, after American crude exports recorded its highest level ever.
The data of the US Energy Information Administration (EIA) showed that American crude oil exports reached 2.13 million barrels on Wednesday.
Nymex futures went down by 0.26% to $54.24 per barrel, after it exceeding the level of $55 during today’s trade, for the very first time since July 2015.
Meanwhile, Brent crude slipped less 0.86% to $60.42, after trading over $61.
On Tuesday, Brent exceeded the level of $61 for the first time since December 2014, recording total monthly gains of 8% in October.
The decline comes despite a decrease in US oil stockpiles by 2.4 million barrels last week to a total of 454.9 million barrels, as shown by the data of the EIA.
