Crude oil prices continued to move down looking forward to confirmation of a buildup of supplies of crude oil from the U.S. Government. The price of crude oil is approaching the level of $ 47 a barrel in early session New York or down about $ 1 per barrel compared to the previous session's closing level.
Private institutions the American Petroleum Institute (API) surprise the market with reports of rising supply 4.5 million barrels of oil the U.S. mnetah on the week ending 19 August. Whereas the majority of analysts predict there will be a decrease in 455,000 barrels. Oil supply data from government agencies Energy Information Administration (EIA) at 21:30 GMT is now the main focus of the market with the confirmation of the addition can supply more and drop the price of crude oil.
Oil prices yesterday had climbed about $ 1.18 a barrel from the low level near daily when Iran reportedly sends positive signals may be supported the action of the Organization of the oil cartel OPEC raising oil prices. But analysts still doubt there will be agreement at a meeting of OPEC late next month in Algeria if considering a few members who have an agenda of its own.