Markets > Commodities

Oil prices decline on rising U.S. inventories

2019-11-07 07:01

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NEW YORK, Nov. 6 (Xinhua) -- Oil prices declined on Wednesday after data showed U.S. crude inventories increased more than expected.

U.S. commercial crude oil inventories increased by 7.9 million barrels during the week ending Nov. 1 from the previous week, the U.S. Energy Information Administration said on Wednesday.

At 446.8 million barrels, U.S. crude oil inventories are about 3 percent above the five year average for this time of year, it said.

The West Texas Intermediate (WTI) for December delivery declined 0.88 U.S. dollar to settle at 56.35 dollars a barrel on the New York Mercantile Exchange. Brent crude for January delivery decreased 1.22 dollars to close at 61.74 dollars a barrel on the London ICE Futures Exchange.
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