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WTI oil futures turn lower after bearish supply report

Published 11/19/2014, 10:35 AM
Updated 11/19/2014, 10:35 AM
WTI oil turns lower after bearish weekly supply report

Investing.com - West Texas Intermediate oil futures turned lower on Wednesday, after data showed that oil supplies in the U.S. increased unexpectedly last week.

On the New York Mercantile Exchange, crude oil for delivery in January traded at $74.49 a barrel during U.S. morning hours, down 15 cents, or 0.2%. Prices were around $74.73 a barrel prior to the storage report.

The U.S. Energy Information Administration said in its weekly report that U.S. crude oil inventories rose by 2.6 million barrels in the week ended November 14, compared to expectations for a decline of 0.8 million barrels.

Total U.S. crude oil inventories stood at 381.1 million barrels as of last week.

The report also showed that total motor gasoline inventories increased by 1.0 million barrels, more than forecasts for a gain of 0.6 million barrels, while distillate stockpiles fell by 2.1 million barrels.

Elsewhere, On the ICE Futures Exchange in London, Brent oil for January delivery tacked on 24 cents, or 0.31%, to trade at $78.72 a barrel.

Market players assessed the likelihood that the Organization of the Petroleum Exporting Countries will cut output to support prices when it meets later this month.

Oil ministers from Venezuela and Ecuador have asked for action to prevent further price declines, while Saudi Arabia and Kuwait have resisted calls to lower production.

Concerns over weakening global demand combined with indications that OPEC producers will not cut output have weighed on prices in recent months.

The 12-member oil cartel is scheduled to meet in Vienna on November 27 to discuss whether to adjust their production target for 2015.

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