Oil prices extend losses

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Wednesday - 28 October 2015 - 12:23 AM

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Oil prices fell a third straight session to multi-week lows on Tuesday on the persistent global supply glut ahead of data expected to show another increase in U.S. crude stocks.

 

And Brent crude fell  for delivery in next December 36 cents to $ 47.18 a barrel at 05:45 GMT, after closing the session decreasing 45 cents, as reported "Reuters".

 

US crude falls for delivery in December 52 cents to $ 43.46 a barrel, adding a loss of 62 cents in the previous session.

 

Spooner  Rick , the senior market analyst at "CMC Markets" in Sydney said the expected increase in stocks in the United States last week fueled concerns over the glut in the market.

He added that the reduction of US production from the peak level at 9.6 million barrels per day to around 9.1 million barrels and the optimism state about the recovery of demand did not transformed  in the form of higher prices.

 

 a survey conducted by "Reuters has predicted " to grow commercial crude stocks in the United States for the fifth consecutive week, by about 3 million barrels, on average, to 479.6 million barrels in the week ending October 23.