News that top world crude exporter Saudi Arabia would keep pumping at high volumes to the end of the year also weighed on prices which have recoiled from a brief move above $50 on Tuesday.
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Oil Price Eases
Crude prices fell more than a dollar Wednesday
Crude prices fell more than a dollar Wednesday as the US government reported the increase in distillate fuel supplies to 115.6 million barrels for ten weeks.
US light crude futures dropped $1.14 to $47.80 a barrel on the NYMEX, nearly $8 off the all-time peak one month ago. London?s IPE Brent crude futures settled down 90 cents at $43.55 a barrel.
News that top world crude exporter Saudi Arabia would keep pumping at high volumes to the end of the year also weighed on prices which have recoiled from a brief move above $50 on Tuesday.
OPEC has been pumping at the highest levels in 25 years.
News that top world crude exporter Saudi Arabia would keep pumping at high volumes to the end of the year also weighed on prices which have recoiled from a brief move above $50 on Tuesday.
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