Crude oil prices continued to see consolidation while sentiments remain weak, on concerns over the US oversupply after an increase in its crude inventories for the fifth week, and a surge in the oil production to a new record.
The US EIA revealed yesterday that commercial inventories rose by about 1.6 million barrels during the week ending Nov.22, beating forecasts of a drop by 0.5 million barrles.
According to the data, total commercial inventories in the US rose to 452.4 million barrels, the highest level since the week ending July 12, in a negative sign of domestic demand levels in the world’s largest oil consumer.
The total commercial inventories rose to 452.4 million barrels, the highest since the week ending July 12, which is a negative sign on the US domestic demand, and the production rose by 100K barrels to a new record high of 12.9 million barrels per day.