Off the wire
• Chicago corn, soybeans, wheat rally after previous big drop  • UN agencies, partners continue to offer aid to people affected by cyclones  • News Analysis: Cameron's reform demands likely to widen UK-EU political divide  • Norway to participate in EU-led emergency fund for Africa  • Finnish drink habits have been adopted by refugees: police  • EU Council chief tells African leaders irregular migrants "should be returned"  • Interview: Narrowing development gap will help find long-term solution to refugee crisis: Maltese official  • UN chief to attend G20 summit in Turkey  • French stock market index up 0.82 pct on Wednesday  • Peking Opera arrives in Britain for its debut in Liverpool  
You are here: 　 Home

1st LD Writethru: Oil prices drop amid ample supplies

Xinhua, November 12, 2015 Adjust font size:

Oil prices fell Wednesday as the market expected the global supplies to exceed the demand.

The U.S. Energy Information Administration (EIA) Thursday will release the inventories data of last week. Traders expected the stockpiles to gain for another week.

U.S. crude supplies gained 2.8 million barrels to 482.8 million barrels for the week ended Oct. 30, 102.6 million barrels more than a year ago, according to the EIA's recent weekly report.

The Organization of Petroleum Exporting Countries (OPEC) maintained its output quota of 30 million barrels per day at its June meeting. The cartel's output accounts for around 40 percent of the global crude output.

Moreover, OPEC leaders showed no intention to cut the output in face of the price plunge.

The West Texas Intermediate for December delivery moved down 1.28 U.S. dollars to settle at 42.93 dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery decreased 1.63 dollars to close at 45.81 dollars a barrel on the London ICE Futures Exchange. Enditem