New York (Benchmark News) – World oil prices ended slightly lower on Tuesday (4/10/2016), as traders continue to assess the impact of the initial agreement on cutting production by the Organization of petroleum exporting countries (OPEC).
Oil prices rose about 10 percent in the last five sessions after OPEC reached an agreement on Wednesday to reduce oil production from the 33.24 million barrels per day to 32.5 million barrels range from up to 33 million barrels per day.
OPEC oil Ministers is expected to hammer out the final details of the agreement at the meeting of their organization on 30 November in Vienna.
Meanwhile, u.s. oil inventories data was also in focus, which is expected to be released on Wednesday afternoon. Analysts surveyed by Platts global S&P estimating a rise of two million barrels in crude oil stocks for the week ending September 30.
U.S. benchmark crude oil, West Texas Intermediate (WTI) for November delivery was down 12 cents to settle at 48.81 u.s. dollars per barrel on the New York Mercantile Exchange.
Meanwhile, the European benchmark, Brent crude oil for December delivery was down two cents to close at 50.87 u.s. dollars a barrel on London’s ICE Futures Exchange.
Oil prices were also pressured by the strengthening us dollar, due to the oil dihargakan in the greenback makes oil more expensive for holders of other currencies.
When the United Kingdom pound sterling reached the lowest level of 31 years after the Brexit, the U.S. dollar has strengthened sharply, with the index in u.s. dollars 0.4 percent to ride 96.13 at 18:45 GMT…(Red)’