Thursday, 23 May 2019 | 14:11 WIB

Higher US Inventories Suppress Global Oil Prices

Photo: oil refinery (Energi Today)

NEW YORK, NETRALNEWS.COM - The rise in US crude oil inventories last week causes world oil prices end lower on Wednesday (3/22/2017).

US Energy Information Administration (EIA) said crude oil inventories rose nearly five million barrels to 533.1 million barrels during last week, far exceeding forecasts for an increase of 2.8 million barrels.

Analysts said oil prices which were under pressure due to increased US production raised market concerns about oversupply of oil worldwide.

Citing Xinhua, US benchmark light crude or West Texas Intermediate (WTI) for delivery in May was down $0.20 to settle at $48.04 a barrel on the New York Mercantile Exchange.

Meanwhile, the European benchmark Brent North Sea crude for May’s delivery fell $0.32 to close at $50.64 a barrel on London's ICE Futures Exchange. (*)