Crude oil moved down in Asian trading session today (16/12), corrects the strengthening of two consecutive days earlier. An unexpected rise in US oil stockpiles suspected to be one of the causes of oil price movements become weakened.
On the Mercantile Exchange, West Texas Intermedate down about 1 percent, or 40 cents towards USD 36.85 per barrel after soaring more than 1 US dollar yesterday (15/12). On Monday, WTI had slumped reached 34.53 US dollars per barrel, but then closed higher. Until the time of writing, Brent oil trading as the benchmark international prices has not been opened. Brent contract ended the day Tuesday with a rise 53 cents to USD 38.45 US dollars per barrel, which is the highest position for 8 days later.
The Federal Reserve is conducting a two-day meeting, which is expected to generate an increase in US interest rates decision. The increase in key interest is seen as a negative impact on oil prices because it encourages the strengthening of the US dollar, making oil sales contract will be more expensive for holders of other currencies.
One marker signal of excess supply in the market is increasingly becoming, has emerged last night. Based on data collected by industry group American Petroleum Institute, an increase in US oil inventories by 2.3 million barrels last week. Increasing oil reserves are unexpected by analysts Reuters, which actually anticipated reduction in stocks of 1.4 mln barrels.
On the Mercantile Exchange, West Texas Intermedate down about 1 percent, or 40 cents towards USD 36.85 per barrel after soaring more than 1 US dollar yesterday (15/12). On Monday, WTI had slumped reached 34.53 US dollars per barrel, but then closed higher. Until the time of writing, Brent oil trading as the benchmark international prices has not been opened. Brent contract ended the day Tuesday with a rise 53 cents to USD 38.45 US dollars per barrel, which is the highest position for 8 days later.
The Federal Reserve is conducting a two-day meeting, which is expected to generate an increase in US interest rates decision. The increase in key interest is seen as a negative impact on oil prices because it encourages the strengthening of the US dollar, making oil sales contract will be more expensive for holders of other currencies.
One marker signal of excess supply in the market is increasingly becoming, has emerged last night. Based on data collected by industry group American Petroleum Institute, an increase in US oil inventories by 2.3 million barrels last week. Increasing oil reserves are unexpected by analysts Reuters, which actually anticipated reduction in stocks of 1.4 mln barrels.
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