Home

 
India Bullion iPhone Application
  Quick Links
Currency Futures Trading

MCX Strategy

Precious Metals Trading

IBCRR

Forex Brokers

Technicals

Precious Metals Trading

Economic Data

Commodity Futures Trading

Fixes

Live Forex Charts

Charts

World Gold Prices

Reports

Forex COMEX India

Contact Us

Chat

Bullion Trading Bullion Converter
 

$ Price :

 
 

Rupee :

 
 

Price in RS :

 
 
Specification
  More Links
Forex NCDEX India

Contracts

Live Gold Prices

Price Quotes

Gold Bullion Trading

Research

Forex MCX India

Partnerships

Gold Commodities

Holidays

Forex Currency Trading

Libor

Indian Currency

Advertisement

Forex MCX India

Link Exchange

 
OF: Oil prices decline amidst rising US crude stocks
 
Oil prices have declined according to newly released data from the American Petroleum Institute (API), which also highlighted an increase in US crude inventories.

Brent crude prices have declined by $0.12 and it has been traded at $51.98 per barrel, while the US West Texas Intermediate (WTI) crude oil futures fell by $0.13 to $49.43 per barrel, reported Reuters.

API reported that US crude oil stocks increased by 897,000 barrels in the week ending 21 April.

In addition, API reported a jump in gasoline inventories.

The Organization of the Petroleum Exporting Countries (OPEC) with other key oil producers such as Russia agreed to decrease output by 1.8 million barrels per day (bpd) for the first six months of this year to revive oil prices.

However, the initiative was largely ineffective due to a consistent increase in US inventories and the global oil market remaining bloated.

Brent crude, the internal benchmark of oil prices, lost nearly $5 per barrel since January when the OPEC-led output-cut commenced.

The fall in Brent prices is attributed to the record crude oil volumes circulating globally, despite OPEC measures.

Thomson Reuters Eikon shipping data shows that 50 million bpd have been booked for shipment on tankers this month, which represents a 10% increase since last December.

Source