Investing.com - Crude oil prices eased in Asia Thursday on the back of losses overnight on the near-term demand outlook, though prospects for economic stimulus by China and the United States offered some support as did a possible cut in production by OPEC.
On the New York Mercantile Exchange, West Texas Intermediate crude oil for delivery in November traded at $92.72 a barrel, down 0.29%, after hitting an overnight session low of $92.77 a barrel and a high of $94.01 a barrel.
Brent oil crude, the global benchmark, lost 0.1% to end at $98.97 a barrel on ICE Futures Europe Wednesday.
Overnight, oil prices dropped in U.S. trading after a bearish U.S. inventory report offset otherwise bullish news that the OPEC oil cartel is planning to trim output.
The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories increased by 3.7 million barrels in the week ended Sept. 12, confounding expectations for a decline of 1.7 million barrels, which sent prices plummeting by stoking fears of a supply glut.
Total U.S. crude oil inventories stood at 362.3 million barrels as of last week.
The report also showed that total motor gasoline inventories decreased by 1.6 million barrels, compared to forecasts for a decline of 0.3 million barrels, while distillate stockpiles rose by 0.3 million barrels.
Oil prices have slumped in recent weeks amid concerns that supply far exceeds demand in the global economy, and Wednesday's data doused hopes that U.S. demand could account for slack elsewhere in the global economy, offsetting bullish pressures elsewhere.
OPEC Secretary General Abdallah El-Badri said Tuesday the oil bloc may trim output to 29.5 million barrels per day from 30 million when the group meets in November to shore up prices.
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NYMEX crude falls in Asia on near-term demand outlook
Published 09/17/2014, 06:59 PM
Updated 09/17/2014, 07:01 PM
NYMEX crude falls in Asia on near-term demand outlook
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