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Oil is continuing its negative process under 50 USD level for per barrel

Oil is continuing its negative process under 50 USD level for per barrel

After private sector data showed increase of oil stocks in the United States and the differences about how to share oil production cuts in OPEC, the negative process continued under 50 USD level for per barrel. Oil futures contracts in New York fell 2.3% after falling 1.1% than in the previous two sessions. According to data announced by the American Petroleum Institute, oil stocks increased by 2.7 million barrels last week. There are a lot of serious differences between individual production of oil after OPEC discussion. China's crude oil imports rose to 8.08 million barrels daily in the month of September. After that, the fluctuating trend of oil prices is showing under the 50 USD level to the traders. There will be another meeting in Vienna in near future. At the meeting of OPEC, they will try to resolve the dispute how much oil Venezuela and Iraq will produce during the oil limiting process.

Date: 13 October 2016 Thu 22:08

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