Crude oil prices lost 7% last week

22.11.2018

Over the period under review (November 08-15), NYMEX WTI crude oil prices lost 7% reaching USD 56.46 per barrel on Thursday, reports UkrAgroConsult.

OPEC reported that in October, countries of the cartel increased crude oil production by 127 thousand barrels per day. Saudi Arabia and the United Arab Emirates showed the largest growth, while Iran - the largest reduction.

According to estimates of the International Energy Agency, in 2018, crude oil production in the USA will increase by 2.1 million barrels per day and 1.3 million barrels per day in 2019, compared to the current record high extraction level of over than 11 million barrels per day.

Investors responded to data from the American Petroleum Institute (API) according to which last week crude oil stocks in the USA increased by 8.8 million barrels.

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