Tuesday, May 20, 2014

WTI Oil Price Down

U.S. oil price edged down on Tuesday ( 05/20/2014 ) local time (Wednesday morning GMT ) , as the market expected a strong crude oil production in the United States will push the stock higher .
Light sweet crude or West Texas Intermediate ( WTI ) for delivery in June moved down 17 cents to close at 102.44 dollars a barrel on the New York Mercantile Exchange .

While Brent North Sea crude for July delivery rose 32 cents to settle at 109.69 dollars a barrel in London trade .

Energy Information Agency ( EIA ) is scheduled to release a report on U.S. crude oil production and inventories last week on Wednesday . The market is waiting for the data Wednesday.
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The development of technology has opened up the supplies from shale formations ( shale ) in the United States . The analysts expect that U.S. crude oil production rose to near a record last week , and crude oil inventories probably rose 250,000 barrels to 398.8 million barrels .

Brent oil rose for the first time in the last three days due to the unrest in Libya . A dramatic spike in confrontations in the two largest cities of Libya has brought the country to the brink of civil war between rival militias .

Analysts said that Libya is right on the doorstep of Europe and has a greater impact on the price of Brent .