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U.S. oil price retreats ahead of inventory data

Xinhua, October 21, 2015 Adjust font size:

U.S. oil price dropped Tuesday as traders awaited the U.S. inventory data.

The U.S. Energy Information Administration (EIA) on Wednesday will release the inventory data of last week. Traders expected the stockpiles to gain again.

For the week ended Oct. 9, U.S. crude supplies gained 7.6 million barrels to 468.6 million barrels, 98 million barrels more than one year before, according to the EIA's weekly report. Inventories at Cushing, Oklahoma, the delivery point for the U.S. contract, gained 1.12 million barrels to 54.2 million barrels.

In its latest quarterly commodity update released Tuesday, the World Bank lowered its 2015 forecast for crude oil prices from 57 dollars per barrel in its July report to 52 dollars per barrel.

The revised forecast reflects a further slowing in global economic performance, high current oil inventories, and expectations that Iranian oil exports will rise after the lifting of international sanctions, according to the World Bank's new Commodity Markets Outlook.

"The potential impact of Iranian oil and gas exports on global and regional markets could be large over the long term if Iran can attract the necessary foreign investment and technology to leverage its substantial reserves," said Ayhan Kose, director of the World Bank's Development Prospects Group.

The West Texas Intermediate for November delivery moved down 34 cents to settle at 45.55 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery increased 10 cents to close at 48.71 dollars a barrel on the London ICE Future Exchange. Endit