Oil quotes are dropping today on The U.S. Energy Information Administration report on crude oil inventories and oil production levels. Crude oil inventories increased for the first time for the week ending October 20. Brent benchmark shed about 0.2% and is trading now at level $58.34 a barrel, and WTI crude futures dipped 0.4%, at $51.98 a barrel. American crude oil stockpiles increased for the first time in five weeks. However, experts had expected a decline 2.6 million barrels.
Yesterday afternoon, the U.S. Energy Information Administration released a weekly report on crude oil inventories, according to which, crude oil inventories increased by 856.000 barrels for the week ending October 20.
Besides, according to official data, the U.S. production rose by 1.1 million barrels per day (bpd) to 9.5 million and net imports rose by just over 500,000 barrels bpd, after the decline due to the natural disasters the week before.
In the meanwhile, oil was held from significant decline by comments from Saudi Arabia reiterating its determination to restore the global supply and demand balance in the crude oil market. That was announced by Saudi Arabia's energy minister at the beginning of the week.