Off the wire
• Obama job approval ratings most politically polarized by far: Gallup  • Switzerland prolongs preventive bird flu measures  • UN mission condemns attack in Somali's Mogadishu  • Italy's constitutional court rules electoral law partially illegitimate  • Gold down on stronger U.S. data, dollar  • Brazil's penal policy council members quit due to differences with gov't  • Bolivia to offer excess energy to Argentina, Brazil and Chile  • Portuguese lawmakers veto proposal to cut single social tax  • Rwanda 3rd least corrupt country in Sub-Sahara Africa: index  • Israel completes advanced testing of anti-missile system  
You are here: 　 Home

Oil prices fell on rising U.S. crude inventories

Xinhua, January 26, 2017 Adjust font size:

Oil prices fell Wednesday after reports showed increasing U.S. crude inventories, triggering worries for continued global crude over-supply.

The U.S. crude oil inventories rose 2.8 million barrels in the January 20 week to 488.3 million and were up 5.3 percent from last year at this time, according to the U.S. Energy Information Administration's weekly report, matching analysts' expectations.

A rise in stockpiles reinforced investor expectations that increasing U.S. shale output this year would reduce the impact of output cuts by Organization of the Petroleum Exporting Countries and other major producers.

The West Texas Intermediate for March Delivery erased 0.43 dollars to settle at 52.75 dollars a barrel on the New York Mercantile Exchange, while Brent crude for March delivery decreased 0.36 dollars to close at 55.08 dollars a barrel on the London ICE Futures Exchange. Endit