By: Mahmoud Gamal
Mubasher: Oil prices fell on Wednesday, giving some of its previous gains ahead of the announcement of US oil inventory data today.
Brent crude futures declined 1.18% or 67 cents to stand at $55.04 per barrel (pb) by 4:15am GMT, while US West Texas Intermediate (WTI) crude futures retreated 1.3% or 69 cents to reach $52.29.
Investors’ sentiment was negatively affected by the International Energy Agency’s report which highlighted the rise of OPEC’s oil output in November and this signals uncertainty over the cartel’s plan to slash oil, analyst Ahmed Karam told Mubasher.
The American Petroleum Institute (API) said late Tuesday that US crude oil inventories rose 4.7 million barrels last week
OPEC’s crude output reached 34.2 million barrels per day (bpd) last month, beating the agency’s estimates by 500,000 bpd.
Translated by: Julian Nabil
