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1st LD Writethru: Oil prices drop amid rising inventories forecast

Xinhua, April 22, 2015 Adjust font size:

Crude prices retreated Tuesday amid speculations that a government report would show U.S. crude inventories rose last week.

U.S. Energy Information Administration (EIA) will publish its report Wednesday on crude data of last week. It is expected to show U.S. crude inventories increased another 2.5 million barrels.

For the week ending April 10, U.S. crude supplies added 1.3 million barrels to 483.7 million barrels, 89.6 million barrels more than a year earlier, according to EIA.

Meanwhile, inventories at Cushing, Oklahoma, the delivery point for the contract, gained 1.28 million barrels to 61.46 million barrels. While U.S. crude production decreased 20,000 barrels to 9. 384 million barrels a day that week.

Oil prices also drop as the Saudi Arabia declared to end to its military operation in Yemen Tuesday. Saudi-led coalition has been bombing the Houthi militia group for almost a month.

Yemen borders top oil producer Saudi Arabia. The geopolitical worries of Yemen helped boost oil prices in the past month.

Light, sweet crude for May delivery lost 1.12 U.S. dollars to settle at 55.26 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery moved down 1.37 dollars to 62.08 dollars a barrel. Endite