Boosted OPEC oil production in recent months has generated ample supply on international crude markets including the United States, the world's largest energy market, where inventories have grown 22 million barrels in the past seven weeks.
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OIl Prices Sliding More
Oil slipped more than a dollar on Thursday
Oil slipped more than a dollar on Thursday, resuming a two-week decline of 15 per cent cut, as rising crude inventories have eased concerns over tight winter supplies.
US light crude fell $1.44 to $47.42 a barrel, more than $8 below the record $55.67 peak in late October. London Brent crude lost $1.73 to $43.02 a barrel after hitting a seven-week low of $42.95, as speculative funds exited into other markets such as equities following oil's 45 per cent rally this year.
Boosted OPEC oil production in recent months has generated ample supply on international crude markets including the United States, the world's largest energy market, where inventories have grown 22 million barrels in the past seven weeks.
Boosted OPEC oil production in recent months has generated ample supply on international crude markets including the United States, the world's largest energy market, where inventories have grown 22 million barrels in the past seven weeks.
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