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Oil prices down on lower-than-expected drop in US stocks

Oil&Gas Materials 3 August 2017 10:25 (UTC +04:00)
World oil prices are falling on August 3 as a result of the lower-than-expected decrease in the US crude stocks.
Oil prices down on lower-than-expected drop in US stocks

Baku, Azerbaijan, Aug.3

By Leman Zeynalova – Trend:

World oil prices are falling on August 3 as a result of the lower-than-expected decrease in the US crude stocks.

The price for October futures of Brent oil has decreased by 0.44 percent to $52.13 per barrel as of 06:06 (UTC + 4).

The price for September futures of West Texas Intermediate (WTI) dropped by 0.40 percent and stood at $49.39 per barrel.

US commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.5 million barrels from the previous week, according to the report of the US Energy Information Administration (EIA).

At 481.9 million barrels, US crude oil inventories are in the upper half of the average range for this time of year, said the report.

This is while investors expected the US commercial crude stocks (excluding the strategic reserve) to drop by 0.6 percent or by 2.9 million barrels to 480.5 million barrels.

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Follow the author on Twitter: @Lyaman_Zeyn

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