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1st LD Writethru: Crude prices drop amid rising inventories

Xinhua, May 4, 2016 Adjust font size:

Oil prices extended the loss as market expected U.S. crude inventories to rise.

U.S. Energy Information Administration (EIA) is scheduled to release the weekly data of the crude stockpiles Wednesday. Traders expected to see inventories of the country continue to add.

The rising crude output from Organization of Petroleum Exporting Countries (OPEC) also weighed on the market.

OPEC raised crude production by 484,000 barrels per day to 33.217 million per day in April, according to a survey of oil companies by Bloomberg. Two important OPEC members, Iran and Iraq both expanded crude output in April.

The West Texas Intermediate for June delivery moved down 1.13 U.S. dollars to settle at 43.65 dollars a barrel on the New York Mercantile Exchange, while Brent crude for July delivery decreased 86 cents to close at 44.97 dollars a barrel on the London ICE Futures Exchange. Enditem