Oil drops over rising US crude inventories
DSIJ Intelligence / 17 May 2017
Owing to an increase in the US crude inventories, oil prices dipped by one per cent on May 17, 2017, fuelling concerns over oil oversupply in the markets despite the efforts by Russia and Middle East countries to put a check on oil supplies.
Owing to an increase in the US crude inventories, oil prices dipped by one per cent on May 17, 2017, fuelling concerns over oil oversupply in the markets despite the efforts by Russia and Middle East countries to put a check on oil supplies.
The US crude inventories increased by 882,000 barrels to 523.4 million in the previous week, followed by a drop in Brent crude futures by 50 cents, or one per cent, from their last close at USD 51.15 per barrel at 0146 GMT. The US West Texas Intermediate (WTI) crude futures also dipped by one per cent or 51 cents at USD 48.15.
With the Indian oil markets massively opening up to the international markets recently and with more frequent price revision, the international price changes are likely to reflect on the domestic oil prices.
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