Oil prices fell Wednesday as the market expected the global supplies to exceed the demand. The U.S. Energy Information Administration (EIA) Thursday will release the inventories data of last week.
Traders expected the stockpiles to gain for another week. U.S. crude supplies gained 2.8 million barrels to 482.8 million barrels for the week ended Oct. 30, 102.6 million barrels more than a year ago, according to the EIA's recent weekly report.
The Organization of Petroleum Exporting Countries (OPEC) maintained its output quota of 30 million barrels per day at its June meeting.
The cartel's output accounts for around 40 percent of the global crude output. Moreover, OPEC leaders showed no intention to cut the output in face of the price plunge.
The West Texas Intermediate for December delivery moved down 1. 28 U.S. dollars to settle at 42.93 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery decreased 1.63 dollars to close at 45.81 dollars a barrel on the London ICE Futures Exchange.
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