Patra SK - News
Oct 27, 2015
Global Oil Prices Drop as US Supplies Increase


Jakarta - Global oil prices decrease on Thursday, October 22, 2015, following the increase in the United States crude supply, which raises concern on excessive global crude supplies.


The US's West Texas Intermediate (WTI) for December 2015 shipment was experiencing a US$1.09 decrease to a level of US$45.20 per barrel at the New York Mercantile Exchange, according to AFP report.


Meanwhile, the Brent North Sea for December 2015 shipment was experiencing a US$0.86 decrease to a level of US$47.85 per barrel at the London trading floor. The United States commercial oil supply increased by eight million barrels, totalling a 476.6 million barrels as of October 16, 2015, as reported by the United States Department of Energy in its weekly report. The increase was twice higher compared to the 3.75 million barrels expected by the global market, according to analyst as reported by Bloomberg News.


Source: Tempo

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