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Oil falls as stocks grow in the US, and possible losses in cuts by OPEC


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Thursday 22 November 2018 – 12:58 pm
| Last update:
Thursday 22 November 2018 – 12:58 pm

Oil prices fell on Thursday after US crude stocks rose to their highest level since December 2017 amid fears of a global supply crisis, but the prospect of a cut in OPEC supplies hampered further declines.

Futures for oil in the US WTI amounted to 54.35 dollars per barrel, which is 28 cents, or 0.5 percent, compared with the previous settlement.

Brent crude fell 23 cents, or 0.4 percent, to $ 63.25 per barrel per month.

As reported on Wednesday in the US Energy Information Administration’s weekly report, US crude oil inventories rose from 4.9 million barrels to 446.91 million barrels last week, the highest level since December last year.

According to the Energy Information Administration, crude oil production in the United States remained at a record level of 11.7 million barrels per day.

The Organization of Petroleum Exporting Countries (OPEC) is concerned about the appearance of excess supply, which could lower prices.

To counter this, the Organization will consider reducing the proposal at its next meeting on December 6, although some Member States, such as Iran, are expected to oppose any voluntary cuts.

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