Thursday, May 1, 2014

Crude Oil Prices Fall to Lowest Level Month

World oil prices fell on Thursday ( 05/01/2014 ) local time (Friday morning GMT ) , due to abundant supply thanks to rising U.S. production and exports rise in Libya .

On the New York Mercantile Exchange , light sweet crude or West Texas Intermediate ( WTI ) for June delivery was down 32 cents at 99.42 dollars per barrel . This position is the lowest level since late March .
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In London trading , oil futures Brent North Sea crude for June delivery fell 31 cents to 107.76 dollars a barrel from Wednesday's close .

Bart Melek of TD Securities said the continued increase in U.S. stockpiles , especially in the refining center in the Gulf of Mexico , have depress the price of crude oil .

On Wednesday , the weekly estimates from the U.S. Department of Energy ( DoE ) for crude oil stocks rose 1.7 million barrels to a record 339.4 million barrels . "The market is seeing a physical oil supplies remain plentiful , " said Tim Evans of Citi Futures .

" The U.S. market does have abundant supplies , due on April 25, crude oil inventories have reached new highs in the last 83 years . Last week buildup in U.S. product inventories add some pressure to the overall bearish shift , " he said .

Downward pressure on prices also came from the estimated resumption of oil exports from the main terminal in the Libyan port of Zueitina which had been closed by the protesters for months .


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