Crude prices are falling for a fourth day

   252

Crude oil prices keep on falling for the fourth day on Wednesday as industry data showed a surprise build in inventories, Reuters informs on Wednesday citing the American Petroleum Institute. According to its data, crude stockpiles rose more than nine times than it had been expected by Reuters’ analysts – by 9.3 million barrels in the week to October, 28.

U.S. West Texas Intermediate crude CLc1 was down 70 cents at $45.97 and Brent crude LCOc1 fell by 69 cents to $47.45. these are the lowest marks for both contracts since September, 28.

"We have increasing production from Libya and Nigeria helping to create more surplus. Also, all OPEC members are producing as much as they can to have a high base line to negotiate from at the OPEC meeting," said SEB chief commodities analyst Bjarne Schieldrop.

Experts suppose that oil prices are falling as hopes that OPEC and non-OPEC members may come to an agreement are fading.

"Those who were hoping for some upside from any sort of production agreement appear to have had their hopes dashed," said Ric Spooner, chief market analyst at CMC Markets in Sydney. "It looks like there are speculative longs quitting the market."