The decline in oil prices as investors start to focus on the oil price as a driver of the stock, as rising production of Kuwait and Saudi Arabia.
In addition, oil prices fell as the statement noted Federal Reserve Chairman Janet Yellen stated that investors see interest rate outlook in the United States (US) looks dovish.
Brent futures LCOc1 closed down 1.13 dollars at the level of 39.14 dollars per barrel, while crude CLc1 closed down 1.11 dollars to a level of 38.28 dollars per barrel.
Oil prices fell after the American Petroleum Institute industry data stated there was an increase by 2.9 million barrels for crude stocks last week, while the earlier analysts estimate there will be a stock of 3.3 million barrels.
Decision Kuwait and Saudi Arabia to rearrange its oil production, resulting in production stoppages agreement in the oil well with them in Khafji, which is the border region of the two countries, with a capacity of 300,000 barrels per day. This encourages oil sales by the trader.
"The capacity of the field in the neutral zone exceeds oil production in Ecuador. If they hold back production, oil prices will not be on the same level in January," said one trader. Earlier, oil prices rose more than 30 percent since mid-February, among the oil producing countries meeting in Doha, Qatar, on 17 April.
Global oil inventories are expected to change, although some countries may be losing market share. It is very unlikely to produce a surefire way to re-raise the price of oil, according to estimates of analysts and traders. (tribunnews.com)
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