Oil prices fall despite declining inventories

     New York : Oil prices shed earlier session gains on Wednesday as traders disregarded the falling crude stockpiles.

US crude supplies of last week lost 3.6 million barrels to 485.9 million barrels, 105.1 million barrels more than one year before, according to the weekly report of the Energy Information Agency Wednesday.

Inventories at Cushing, Oklahoma, the delivery point for the US contract, added 0.4 million barrels to 59.4 million barrels.

US crude production dropped 38,000 to 9.164 million barrels a day last week, according to the EIA report.read more...http://www.vishwagujarat.com/business/oil-prices-fall-despite-declining-inventories/

Crude prices fall as OPEC fails to cut quota

     New York : Oil prices dropped on Friday as the Organisation of the Petroleum Exporting Countries (OPEC) ended a meeting without any agreement to reduce the production.

The cartel’s output makes up around 40 percent of the global crude production. OPEC maintained it output quota of 30 million barrels per day at June’s meeting. The ceiling was breached routinely by the group, Xinhua reported.read more...http://www.vishwagujarat.com/business/crude-prices-fall-as-opec-fails-to-cut-quota/