Crude oil prices were flat Wednesday, unable to recoup significant losses from earlier in the week.
The International Energy Agency issued a warning that global inventories will build through 2016 as OPEC continues its robust production.
Meanwhile, Citigroup predicted another downturn in crude oil prices by year’s end.
Nov. oil settled at $46.64/bbl on Nymex, down 2 cents. Prices were above $50 last week.
The Energy Information Administration (EIA) releases its weekly petroleum status report at around 10 am ET tomorrow.
Crude production in major US shale basins will fall by 93,000 b/d to 5.12mn b/d from October to November, the biggest monthly drop on record, the agency said yesterday.
The material has been provided by InstaForex Company – www.instaforex.com