Oil deepens its decline, and “NYMEX” crude is down 1.5%

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Oil prices deepened their decline during Thursday’s trading, with the dollar trading near its highest level in a year, and a rise in both US production and crude inventories.

US Energy Information Administration data showed crude production increased by 500,000 barrels last week to 11.1 million barrels per day.

It was also reported that OPEC will stick to the agreement to add 400,000 barrels per day to its production in November, despite recent price gains.

In terms of trading, the futures contracts for the standard “Brent” crude for November delivery fell by 0.9% to $77.92 a barrel, during trading.

The US “NYMEX” crude contracts for November delivery also fell 1.5 percent, recording $73.71 a barrel.

However, oil is heading towards recording monthly gains, after two hurricanes in the United States disrupted production activity in the US Gulf of Mexico and consequently decreased supply.

The joint technical committee of the “OPEC” group expected that the oil market will witness a surplus of 1.4 million barrels per day per year, which is lower than the previous estimates of 1.6 million barrels per day.

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The article: Oil deepens its decline, and “NYMEX” crude is down 1.5%. It was written in Al Borsa newspaper.