Oil Prices Decline Ahead of API Report
Tuesday,
06-Nov-2018
04:41 PM (IST)
Oil prices traded near their lowest level in almost seven months ahead of the release of fresh weekly data on U.S. commercial crude inventories.The American Petroleum Institute is due to release its weekly report for the week ended November 2 at 4:30PM ET (2130GMT), amid expectations of an increase of about 2.0 million barrels. If confirmed, it would be the seventh straight weekly climb in domestic crude supplies.U.S. West Texas Intermediate WTI crude futures were down 22 cents, or roughly 0.3% at $62.87 a barrel, after hitting $62.52 on Monday, the lowest since April.International Brent crude oil futures fell 34 cents, or 0.4%, to $72.83 per barrel, near Friday's two-and-a-half-month low of $72.16.
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