20th February 2015
The price of a barrel of Brent crude oil remains stalled around the $60 handle, with Thursday seeing prices slip just below level after data showed US crude inventories posted another large weekly rise. Furthermore, a potential increase in output from Saudi Arabia elevated worries over global oversupply.
US crude inventories rose by 7.7 million barrels for its sixth consecutive weekly increase. This swelled stockpiles to a record high of 425.6 million barrels, according to data from the Energy Information Administration.
The agency also noted that stockpiles of West Texas Intermediate US crude oil at Oklahoma’s Cushing oil hub increased the most in six years.
News that Saudi Arabia, which is the world’s biggest exporter of oil, is looking to increase production to almost ten million barrels per day is also adding negative pressure to prices.
Oil’s outlook continues to be impacted by global oversupply concerns and lacklustre demand, especially since economic growth is noted to be slowing in some of the world’s largest consumers of energy.
Begin trading today! Create an account by completing our form
At One Financial Markets we are committed to safeguarding your privacy.
Please see our Privacy Policy for details about what information is collected from you and why it is collected. We do not sell your information or use it other than as described in the Policy.
Please note that it is in our legitimate business interest to send you certain marketing emails from time to time. However, if you would prefer not to receive these you can opt-out by ticking the box below.
Alternatively, you can use the unsubscribe link at the bottom of the Demo account confirmation email or any subsequent emails we send.
By completing the form and downloading the platform you agree with the use of your personal information as detailed in the Policy.