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U.S. oil price falls on supply factors

English.news.cn   2014-05-21 05:11:10

NEW YORK, May 20 (Xinhua) -- U.S. oil price edged down Tuesday as markets expected the strong crude production in the United States will push the inventories higher.

Energy Information Administration (EIA) is scheduled to release a report Wednesday on U.S. crude production and inventories of last week. The market is awaiting Wednesday's data.

The development of technology has unlocked supplies from shale formations in the U.S. Analysts expected that last week U.S. crude production climbed to near a record, and crude inventories probably rose 250,000 barrels to 398.8 million.

Brent oil climbed for the first time in three days because of the unrest in Libya. A dramatic spike in confrontation in Libya's two largest cities has brought the country to the brink of civil war between rival militias.

Analysts pointed out that Libya is right on Europe's doorstep and it has more impact on Brent price. Light, sweet crude for June delivery moved down 17 cents to settle at 102.44 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery gained 32 cents to close at 109.69 dollars a barrel.

Editor: Mu Xuequan
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