21st Jun 2018 13:20
WASHINGTON (Alliance News) - Crude oil prices fell Thursday as yesterday's rally proved short-lived.
After a brief period of bargain hunting helped oil prices steady, prices nosedived this morning amid lingering expectations that OPEC will end its supply quota plan.
The cartel meets Friday in Vienna to discuss whether to boost production. Analysts say the Saudi Arabia will pressure other members to boost output as soon as possible.
WTI light sweet oil was down USD1 at USD64.71 a barrel, having dropped 10% in the last month.
Traders shrugged off the latest US inventories report.
US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 5.9 million barrels from the previous week, according to the EIA. The drop was larger than analysts expected.