By Srinivas Chowdary Sunkara // petrobazaar // 8th Nov, 2017.
Crude Oil prices extended losses on Wednesday. Falling crude imports of China during the October month to 7.3 million barrels per day from a near record-high of about 9 million bpd in September and unexpected rise in U.S crude stocks by 2.2 million barrels during the last week as per API report are the factors dragged the oil prices down.
Escalating tension between Saudi and Iran causing geopolitical tensions in the region is the factor supporting the oil prices. Of course, Investors are largely worrying and concerning about the middle east tensions. The Oil prices gained 14 percent in the last month alone due to the on-going production cuts by OPEC alliance and strong oil fundamentals amid investor inflows.
WTI and Brent price today
U.S.Crude oil futures, West Texas Intermediate(WTI) for December delivery lost 62 cents or 1.084% to $56.58 per barrel on Nymex while Brent futures to be delivered in January were down by 52 cents or 0.816% at $63.17 per barrel on London based ICE futures Europe exchange.