• 6 hours Surprise! Aramco Scraps International Listing Plans
  • 10 hours Did U.S. just start war with China? $60 Billion tariff package coming fast
  • 2 hours McDonald's Sets Greenhouse Gas Reduction Targets
  • 4 hours API Inventory Data (Tuesdays)
  • 10 hours Goldman Sachs Expects Tesla to Miss Model 3 Targets Again
  • 6 hours The Facebook/Cambridge Analytica Scandal
  • 7 hours Trump Bans Venezuelan National Cryptocurrency
  • 6 hours Self-Driving Cars' First Fatality
  • 9 hours Country With Biggest Oil Reserves Biggest Threat to World Economy
  • 8 hours Why do Driller stocks move with the daily price of oil?
  • 6 hours Why Is The EU Spending Billions On A Gas Pipeline If It Wants To Fight Climate Change?
  • 2 hours Why Are Investors Ignoring China's Oil Giant?
  • 4 hours G20 Rejects Calls for Cryptocurrency Regulation
  • 5 hours New Rules to Phase Out Coal and Reduce Natural Gas in Canada
  • 7 days Terminator plans to sue big oil for 'first degree murder'
  • 10 mins Statoil Changes Name
Alt Text

Citi: Prepare For An OPEC Disappointment

While most analysts expect an…

Alt Text

The 5 Oil Factors To Watch In 2018

It has been the strongest…

Alt Text

Permian Oil Reserves Are Grossly Exaggerated

Recent reports that suggest that…

Tsvetana Paraskova

Tsvetana Paraskova

Tsvetana is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing for news outlets such as iNVEZZ and…

More Info

Trending Discussions

Oil Prices Set For Biggest Weekly Decline Since January

Oil rigs

Having scored the largest weekly drop in six weeks last week, oil prices have continued to crash this week too, and are heading to their largest weekly loss since mid-January 2016, amid growing U.S. inventory builds and lingering skepticism that OPEC can pull off a production cut deal.

At the time of writing, the WTI Crude futures for December delivery traded down 0.02 percent at US$44.65, while Brent Crude prices were down 0.32 percent at US$46.20.

In the previous five days, WTI Crude touched a high of US$48.74 on October 31 and a low of US$44.29, today—for a five-day loss of $4.45 per barrel.

WTI Crude prices have dropped by 8.2 percent this week so far.

On Thursday, the WTI price fell by 1.5 percent to close at US$44.66, its lowest price at close since September 23, which was just a week before OPEC producers agreed to work toward a deal to curb production in a bid to prop up crude oil prices.

Brent prices in the past five days touched a high of US$50.76 on Monday and a low of US$45.95 today. Yesterday, Brent price fell 1.1 percent to US$46.35 at close. So far this week, Brent prices have declined 6.8 percent.

Apart from the usual OPEC-related rhetoric and growing skepticism over a potential deal with all the bickering over production data and pleas for exemption, oil prices have been charging lower this week on the back of the rising inventory build in the U.S.

First, the American Petroleum Institute (API) reported on Tuesday a massive 9.3 million barrel build in the U.S. crude oil supplies – the largest increase since March of this year. A day later, the report by the Energy Information Administration (EIA) showed that the build was market larger at 14.4 million barrels—the biggest inventory build in 34 years, further sinking the depressed oil prices.

Today’s rig count data by Baker Hughes is expected to add even more volatility to the market.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:

Back to homepage

Trending Discussions

Leave a comment
  • Patrick on November 05 2016 said:
    Why are gas prices still too high??!!??
    Is it because of corruption?

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News