ZCZC
BCN-37
US-ENERGY-OIL-PRICE
Oil prices fall amid ahead of U.S. crude inventory data
NEW YORK, Aug. 29, 2018 (BSS/Xinhua) – Oil prices declined on Tuesday as
traders awaited the United States’ crude stockpile data scheduled for release
on Wednesday.
The Energy Information Administration (EIA) will release the data of U.S.
crude inventories in its weekly report on Wednesday. Analysts expected the
official data to show a 1.39-million-barrel decline, according to a Bloomberg
survey.
Crude output increases by the Organization of the Petroleum Exporting
Countries (OPEC) weighed on the market.
The monitoring committee of the OPEC found that producers participating in
a supply-reduction agreement, which includes non-OPEC member Russia, have
been steadily increasing oil production during the past three months,
according to CNBC.
The West Texas Intermediate for October delivery fell 0.34 U.S. dollar to
settle at 68.53 dollars a barrel on the New York Mercantile Exchange, while
Brent crude for October delivery lost 0.26 dollar to 75.95 dollars a barrel
on the London ICE Futures Exchange.
BSS/XINHUA/HR/1300