16.3 C
New York
Monday, October 25, 2021

Oil Prices Turn Negative as U.S. Inventories, Production Jump

Oil Prices Turn Negative as U.S. Inventories, Production Jump© Reuters. U.S. crude oil inventories rise 5.783 million vs. 2.433 million forecast

Investing.com – U.S. crude prices turned negative after American crude oil inventories rose more than expected and output also jumped, increasing concerns over global supply.

The EIA data showed that increased by 5.783 million barrels in the week to Nov. 2.

That was compared to forecasts for a stockpile build of just 2.433 million barrels, after a rise of 3.217 million barrels in the previous week.

Furthermore, U.S. crude production jumped to from 11.2 million barrels per day to 11.6 million in the latest week.

The data caused a selloff in crude prices with down 0.71% to $61.77 a barrel by 10:47 AM ET (15:47 GMT), compared to $62.31 prior to the publication.

Meanwhile, London-traded also turned negative, falling 0.29% to $71.92 a barrel, compared to $72.44 ahead of the release.

This is a breaking news story; please refresh the page for updates.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source: Investing.com

Related Articles

Stay Connected

10,834FansLike
12,893FollowersFollow
756FollowersFollow
- Advertisement -

Latest Articles

Popular Articles