By Srinivas Chowdary Sunkara // petrobazaar // 15-11-2017.
Crude Oil prices continued its sharp down fall yesterday. Oil prices are dropped after traders started booking profits after continuous rise for a couple of consecutive weeks. IEA report of slowing demand growth for oil and reports of increase in U.S production after boosting prices caused a concern around the market. API reported a built up of crude stocks in U.S against the estimated decrease for last week. IEA report of cut its oil demand growth forecast by 100,000 barrels per day for both 2017 and 2018 to an estimated 1.5 million bpd and 1.3 million bpd respectively. IEA countered regular market update from OPEC.
WTI and Brent price update
U.S crude oil futures West Texas Intermediate(WTI) price was down by 35 cents or 0.628% at $55.35 a barrel in Nymex while Brent futures prices have fallen down by 25 cents or 0.402% at $61.96 per barrel on London based ICE futures Europe exchange at 11:25p.m IST.