Markets > Commodities

Oil prices decline on increasing U.S. Inventories

Xinhua News,NEW YORK
2020-01-10 05:29

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NEW YORK, Jan. 9 (Xinhua) -- Oil prices declined on Thursday after data showed surprising build in U.S. crude inventories.

In the week ending Jan. 3, U.S. commercial crude oil inventories increased by 1.2 million barrels from the previous week, according to the U.S. Energy Information Administration on Wednesday.

At 431.1 million barrels, U.S. crude oil inventories are at the five year average for this time of year, the administration said.

The West Texas Intermediate for February delivery declined 0.05 U.S. dollar to settle at 59.56 dollars a barrel on the New York Mercantile Exchange. Brent crude for March delivery decreased 0.07 dollar to close at 65.37 dollars a barrel on the London ICE Futures Exchange.
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