The crude oil prices are down on Thursday, expanding the loses from the previous sessions, against signs of growth in supply and signs of slowdown in global economic growth. The futures on US crude oil WTI with delivery in December fell by 0.40% to 65.05 USD per barrel. The Brent oil reported a price drop of 0.58% to 75.47 USD per barrel.
Both of the world’s most traded oil varieties registered their worst monthly results since July 2016, with Brent dropping by 8.8% and WTI by 10.9%.
The latest data from the Energy Information Administration showed that US crude oil reserves rose for the sixth consecutive week.
According to the analysts, the increase in inventories will certainly continue to put downward pressure on prices.
The Organization of Petroleum Exporting Countries (OPEC) has increased oil production in October to the largest volume since 2016. Larger production by the United Arab Emirates and Libya has made it possible to offset the decline in Iranian supplies caused by the US sanctions, which came into force on November 4th.
On the commodity markets, the gold rises by 0.83% to 1,225.10 USD per ounce, thus precious metal is recovering from its three-week low thanks to a slight weakening of the US dollar. Silver, copper, and platinum rose by 0.76%, 0.13% and 1.45%, respectively.
The dollar index, measuring the strength of US dollars against a basket of six major currencies, declined by 0.43% to 96.69 points.