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Oil prices extend losses amid supply glut concerns

Xinhua, November 2, 2016 Adjust font size:

Oil prices reversed early gains to end lower Tuesday as worries about rising U.S. crude inventories weighed on the market.

Oil prices initially jumped Tuesday as a weaker U.S. dollars made the dollar-denominated oil more attractive for holders of other currencies.

The dollar index, which measures the greenback against six major peers, was down 0.77 percent at 97.685 in late trading Tuesday.

However, oil prices slid to the red territory around midday as concerns about rising U.S. crude stockpiles outweighed the impact of a weaker dollar.

Analysts forecasted that U.S. crude stocks rose by over 1 million barrels last week after unseasonal declines in seven of the past eight weeks, according to the Reuters.

The Energy Information Administration will officially release its weekly report Wednesday afternoon.

The West Texas Intermediate for December delivery fell 0.19 U.S. dollar to settle at 46.67 dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery decreased 0.47 dollar to close at 48.14 dollars a barrel on the London ICE Futures Exchange. Endit