Oil prices tick down as supplies grow

GMT 15:22 2015 Friday ,11 December

Arab Today, arab today Oil prices tick down as supplies grow

Oil prices
New York - MENA

Oil prices have fell slightly, setting a fresh six-year low on signs that supplies are still rising around the globe despite a glut that has collapsed prices, The Wall Street Journal reported.

The Organization of the Petroleum Exporting Countries said it pumped oil at the fastest pace last month since 2012.

Data provider Genscape Inc. also said Thursday that stockpiles at Cushing, Okla., the delivery point for the benchmark US futures contract, climbed to nearly 90% of capacity, stoking further fears that room to store excess crude may be running slim, according to a person who had reviewed the report.

US oil futures for January delivery fell 40 cents, or 1.1%, to $36.76 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, fell 38 cents, or 0.9%, to $39.73 a barrel on ICE Futures Europe.

Both contracts are down 31% on the year and settled at the lowest level since Feb. 18, 2009.


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