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U.
S.
crude fell $1.
88 to settle at $
44.
48 a barrel on September 23.
Oil prices closed at their lowest level
in more than a week.
The drop in oil prices suggests that previous gains have little support
.
Increased domestic crude oil production and refinery shutdowns will lead to another increase
in crude oil inventories.
The move in oil prices seems counterintuitive, as the U.
S.
Energy Information Administration (EIA) just announced a 1.
9 million barrel drop in crude inventories last week, beating analysts' expectations of 100,000 barrels
.
But the inventory decline was less than the 3.
7 million barrels reported by the American Petroleum Institute, whose data boosted oil prices higher
since Tuesday night.
However, oil prices began to turn from higher to lower
within half an hour of EIA releasing inventory data on Wednesday morning.
John Saucer, vice president of research and analysis at Mobius Risk Group, said many short-term traders are betting that falling inventories will lead to higher oil prices, but with the oversupply situation still dire, it is reasonable
for many traders to push prices lower again.
Although U.
S.
crude oil production has begun to slow, many believe that there is still a clear surplus
of oil supply elsewhere.
The latest China data also cast a shadow
over hopes that the country's strong crude demand will ease the global oversupply.
U.
S.
crude fell $1.
88 to settle at $
44.
48 a barrel on September 23.
Oil prices closed at their lowest level
in more than a week.
The drop in oil prices suggests that previous gains have little support
.
Increased domestic crude oil production and refinery shutdowns will lead to another increase
in crude oil inventories.
S.
crude oil
The move in oil prices seems counterintuitive, as the U.
S.
Energy Information Administration (EIA) just announced a 1.
9 million barrel drop in crude inventories last week, beating analysts' expectations of 100,000 barrels
.
But the inventory decline was less than the 3.
7 million barrels reported by the American Petroleum Institute, whose data boosted oil prices higher
since Tuesday night.
However, oil prices began to turn from higher to lower
within half an hour of EIA releasing inventory data on Wednesday morning.
John Saucer, vice president of research and analysis at Mobius Risk Group, said many short-term traders are betting that falling inventories will lead to higher oil prices, but with the oversupply situation still dire, it is reasonable
for many traders to push prices lower again.
Although U.
S.
crude oil production has begun to slow, many believe that there is still a clear surplus
of oil supply elsewhere.
The latest China data also cast a shadow
over hopes that the country's strong crude demand will ease the global oversupply.
