In the Asian session trading session after the establishment of the US interest rates today (17/12), crude oil futures continued to decline. The decline in oil prices was also influenced by the increase in US oil reserves according to the EIA report.
Oil futures contract, West Texas Intermediate (WTI) for delivery next month 00:34 percent shrink towards 35.38 US dollars per barrel, after closing slumped nearly 5 percent on Wednesday (16/12) due to the addition of oil stocks in the US. At the same time, Brent oil for February delivery also fell 0.63 per cent to USD 37.18 per barrel. International benchmark oil futures ended the day session 1:34 ago with a dollar decline.
According to data compiled by the Energy Information Administration (EIA) on Wednesday evening, the oil reserves in the United States last week grew due to an increase in imports. EIA reported that there were 4.8 million increase in US oil inventories be 490.7 million barrels, far exceeding the results of a Reuters analyst poll that predicted a reduction of 1.4 million barrels. Gasoline stocks rose 1.7 million barrels, distillate fuel followed by 2.6 million barrels.
Early this morning, the Federal Reserve finally announced a rise in US interest rates for the first time for nearly a decade, indicating the US economy has managed to overcome the disastrous financial crisis 2007-2009. Higher rates of reference specifically to support the strengthening of the US dollar makes oil and other commodities are traded with the greenback become more expensive.
Oil futures contract, West Texas Intermediate (WTI) for delivery next month 00:34 percent shrink towards 35.38 US dollars per barrel, after closing slumped nearly 5 percent on Wednesday (16/12) due to the addition of oil stocks in the US. At the same time, Brent oil for February delivery also fell 0.63 per cent to USD 37.18 per barrel. International benchmark oil futures ended the day session 1:34 ago with a dollar decline.
According to data compiled by the Energy Information Administration (EIA) on Wednesday evening, the oil reserves in the United States last week grew due to an increase in imports. EIA reported that there were 4.8 million increase in US oil inventories be 490.7 million barrels, far exceeding the results of a Reuters analyst poll that predicted a reduction of 1.4 million barrels. Gasoline stocks rose 1.7 million barrels, distillate fuel followed by 2.6 million barrels.
Early this morning, the Federal Reserve finally announced a rise in US interest rates for the first time for nearly a decade, indicating the US economy has managed to overcome the disastrous financial crisis 2007-2009. Higher rates of reference specifically to support the strengthening of the US dollar makes oil and other commodities are traded with the greenback become more expensive.
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