Off the wire
• Russia ratchets up air strikes against IS targets in Syria  • Anti-migration demonstration held outside Czech Gov't Office  • News Analysis: Russia's recent findings on plane crash unlikely to affect ties with Egypt: experts  • Nigeria's restive northeast state to re-open public schools  • Irish PM welcomes conclusion of Northern Ireland talks  • 85 mph winds hit Britain  • Nigeria budgets 25 bln USD for transport, energy investment  • 1st LD Writethru: Gold down on stronger U.S. dollar, CPI  • 3rd LD Writethru: Football match between Germany, the Netherlands canceled  • Ireland's jobless rate moves below 9 pct for first time since 2008  
You are here: 　 Home

Oil prices drop amid rising supplies

Xinhua, November 18, 2015 Adjust font size:

Oil prices fell Tuesday as market expected that the U.S. supplies continued to expand.

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

For the week ended Nov. 6, U.S. crude supplies gained 4.2 million barrels to 487 million barrels, 108.6 million barrels more than one year before, according to EIA's weekly report.

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

OPEC's crude production averaged 31.38 million barrels per day, according to OPEC's recent monthly oil market report. OPEC leaders showed no intention to cut the output in face of the price plunge.

The West Texas Intermediate for December delivery moved down 1.07 U.S. dollars to settle at 40.67 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery decreased 99 cents to close at 43.57 dollars a barrel on the London ICE Futures Exchange. Endit