WWW.SPIDERSIGNALS.COM INTERNATIONAL NEWS REPORT::
WTI (oil futures on NYMEX) resumed its ongoing bearish momentum on Thursday,
reversing a temporary bounce seen yesterday after the Russian central bank’s warned on the prospects of oil output boost by
the OPEC and non-OPEC producers.
Saudi Arabia and Russia are said to raise the OPEC and non-OPEC output by around 1 million bpd when they meet next month in Vienna,
Reuters reported last week.
However, the barrel of WTI stalled its relief rally and returned to the red zone,
as an unexpected build in the US crude stockpiles continues to dampen the investors’ sentiment.
The latest data from the American Petroleum Institute (API) showed that the US crude stockpiles rose by 1 million barrels in the week to May 25 to 434.9 million,
against analyst expectations for a decrease of 525,000 barrels.
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