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Oil dips on swelling US inventories

By Jeff Davies

Despite advancing over 4% shortly after the report on rising stockpiles in the United States, oil dipped over 1% on Thursday. Yesterday, the US Energy Information Administration (EIA) said crude oil inventories rose by 4.9 million barrels to 446.9 million for the week ending November 16. Meanwhile, Baker Hughes reported that the number of oil rigs in the US went down by 3 to 885 in the week ending November 23. In two weeks, the Organization of the Petroleum Exporting Countries (OPEC) will be deciding whether to cut production to prevent a global glut.

West Texas Intermediate for deliveries in January traded 1.65% lower to sell for $53.86 per barrel at 09:11 am GMT, as international benchmark Brent deliveries for the same month slid 1.18% to go for $62.88 per barrel at 09:13 am GMT, bringing down the price of oil by over 20% in the last month.

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