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Oil prices fall ahead of U.S. inventory data

NEW YORK
2017-09-20 08:39

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Oil prices declined Tuesday as traders anticipated a buildup in U.S. crude stockpiles.

The Energy Information Administration (EIA) will release the data of U.S. crude inventories in its weekly report on Wednesday. Analysts expected the official data to show a 3.4 million-barrel increase in U.S. oil held in storage, according to a Bloomberg survey.

Meanwhile, the EIA said in its monthly drilling productivity report Monday that it expects shale output to rise for a 10th straight month in October, which means crude output at major U.S. shale plays could reach a record high of 6.08 million barrels per day in October.

The West Texas Intermediate for October delivery decreased 0.43 U.S. dollar to settle at 49.48 dollars a barrel on the New York Mercantile Exchange, while Brent crude for November delivery lost 0.34 dollar to close at 55.14 dollars a barrel on the London ICE Futures Exchange.
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