Oil prices drop as Cushing inventories gain

GMT 18:59 2015 Sunday ,04 January

Arab Today, arab today Oil prices drop as Cushing inventories gain

New Delhi - XINHUA

Oil prices went down Wednesday as a government report showed that inventories at Cushing, Oklahoma, the delivery point for U.S. crude futures, added.
Stockpiles at Cushing gained 2 million barrels to 30.8 million barrels in the week ending Dec. 26, according to the Energy Information Administration (EIA).
The crude stockpiles of the country decreased 1.7 million barrels to 385.5 million barrels. U.S. crude production decreased 6,000 barrels a day to 9.121 million last week. Traders believed that U.S. inventories are still at a pretty high level.
The Organization of Petroleum Exporting Countries (OPEC) decided to maintain its collective output quota at 30 million barrels a day at the Nov. 27 meeting in Vienna, Austria. There was no sign that producers would cut production in response to the slump.


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