U.S. oil price declined on Wednesday as government data showed the country's crude stockpiles rose more than expected.
The U.S. Energy Information Administration reported on Wednesday that crude inventories rose by 856,000 barrels in the week to Oct. 20, way higher than market expectation a decrease of 2.5 million barrels.
Analysts said the U.S. oil price was under pressure as the surprise build of crude inventories intensified investors' concerns for oversupply in the global oil market.
However, the oil prices were capped as the Saudi energy minister said on Tuesday that the oil exporter's focus remained on reducing oil stocks to their five-year average and raised the prospect of prolonged output restraint once an OPEC-led supply-cutting pact ends, according to Reuters.
The West Texas Intermediate for December Delivery lost 0.29 dollar to settle at 52.18 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery gained 0.11 dollar to close at 58.44 dollars a barrel on the London ICE Futures Exchange.
The U.S. Energy Information Administration reported on Wednesday that crude inventories rose by 856,000 barrels in the week to Oct. 20, way higher than market expectation a decrease of 2.5 million barrels.
Analysts said the U.S. oil price was under pressure as the surprise build of crude inventories intensified investors' concerns for oversupply in the global oil market.
However, the oil prices were capped as the Saudi energy minister said on Tuesday that the oil exporter's focus remained on reducing oil stocks to their five-year average and raised the prospect of prolonged output restraint once an OPEC-led supply-cutting pact ends, according to Reuters.
The West Texas Intermediate for December Delivery lost 0.29 dollar to settle at 52.18 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery gained 0.11 dollar to close at 58.44 dollars a barrel on the London ICE Futures Exchange.
Latest comments