Mubasher: Oil prices fell on Wednesday amid concerns over the Organization of the Petroleum Exporting Countries’ (OPEC) further decisions on output cut extension.
The US crude inventories rose by 1.8 million barrels to 457.3 million barrels in the week ended 24 November, according to data released by the American Petroleum Institute.
By 8:25 am GMT, Brent Crude (ICE) futures tumbled 0.55% to $63.26 per barrel (pb), while WTI Crude Oil (Nymex) futures dwindled 0.43% to $57.74 pb.
OPEC meeting is set to be held on Thursday, in which the organisation is expected to announce new decisions over output cut extension.
