Crude prices mixed amid rising inventories

GMT 23:17 2016 Wednesday ,04 May

Arab Today, arab today Crude prices mixed amid rising inventories

Oil prices
New York - XINHUA

Oil prices traded mixed on Wednesday as data showed U.S. crude inventories continued to rise.

U.S. Energy Information Administration (EIA) reported on Wednesday that the country's crude stockpiles increased 2.8 million barrels last week to a record high of 543.4 million barrels.

The rising crude output from Organization of Petroleum Exporting Countries (OPEC) also weighed on the market.

OPEC raised crude production by 484,000 barrels per day to 33.217 million per day in April, according to a survey of oil companies by Bloomberg. Two important OPEC members, Iran and Iraq both expanded crude output in April.

The West Texas Intermediate for June delivery moved up 0.13 dollars to settle at 43.65 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery declined 0.35 dollars to close at 44.62 dollars a barrel on the London ICE Futures Exchange.

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