Oil Falls For Third Day As Doubts Over OPEC Cuts Linger

www.oann.com | 1/28/2015 | Staff
HelloimMe (Posted by) Level 3
TOKYO (Reuters) – Crude futures fell for a third day in early Asian trading as the market shrugged off a bigger than expected fall in U.S. inventories reported by an industry group as doubts linger over OPEC’s ability to restrain supply as promised.

Benchmark Brent crude was down 21 cents, or 0.4 percent, at $51.93 a barrel at 0027 GMT. In the previous session, it settled down 0.4 percent.

US - Crude - Cents - Percent - Barrel

U.S. light crude was down 15 cents, or 0.3 percent, at $49.02 a barrel, after falling 0.4 percent on Tuesday.

Crude stockpiles in the U.S. dropped more than expected last week as imports declined and refinery runs increased, while gasoline inventories increased unexpectedly, the American Petroleum Institute said late on Tuesday.

US - Energy - Information - Administration - Petroleum

The U.S. Energy Information Administration will release its weekly petroleum status report at 10:30 a.m. ET (1430 GMT) on Wednesday.

But the market seems immune to bullish signs of falling stockpiles as the Organization of the Petroleum Exporting Countries (OPEC) and...
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