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Crude Oil Prices rise when the stock American decline

New York (Benchmark News) – As government data showed US crude inventories fell sharply in the last week. Benchmark US crude West Texas Intermediate (WTI ) for November delivery increased 1.29 dollars to settle at 45.34 dollars a barrel on the New York Mercantile Exchange.

While it’s, the European benchmark, Brent North Sea crude for November delivery rose 0.95 dollars to close at 46 , 83 dollars a barrel on London’s ICE Futures Exchange.Departement of Energy (DoE) said in its weekly report on Wednesday that US commercial crude oil inventories fell 6.2 million barrels last week, larger than the market consensus for a drop of 3.4 million barel.

But, analysts cautious about the decline for one week, said prices are still under pressure from the global inventory berlimpah.Rusia revealed on Wednesday that its oil production reached a record high of more than 11.7 million barrels/day at the beginning of the month ini.

Price oil is further supported by a weaker greenback, which makes dollar-denominated oil more attractive to holders others.Dollar US currency slipped against other major currencies on Wednesday after the Federal Reserve kept its benchmark interest rate not change.Indeks dollar, which measures the greenback against six major currencies, fell 0.14 percent to 95.881 in late trading. (Red)

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