Oil prices take another dive on OPEC report, US supplies

Associated Press

Oil prices take another dive on OPEC report, US supplies

The price of oil took another dive Wednesday to new five-year lows after OPEC projected the world will need less of its oil next year.

A U.S. government report showing an increase in oil supplies also pressured prices.

Benchmark U.S. crude was down $3.01, or 5 percent, in midday trading to $60.81 a barrel. That's its lowest level since July of 2009 and 43 percent below its high for this year. Brent crude, an international benchmark used to price oil sold to many U.S. refineries, was down $3.04 to $63.80.

OPEC said it expects demand for its crude to fall next year because of lower global demand and higher production from non-OPEC countries.

Also, the Energy Department said U.S. supplies of oil rose last week. Analysts were expecting a decline.

Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now

Whitepapers

Maximizing Operational Excellence

In a recent survey conducted by PennEnergy Research, 70% of surveyed energy industry professional...

Leveraging the Power of Information in the Energy Industry

Information Governance is about more than compliance. It’s about using your information to drive ...

Reduce Engineering Project Complexity

Engineering document management presents unique and complex challenges. A solution based in Enter...

Revolutionizing Asset Management in the Electric Power Industry

With the arrival of the Industrial Internet of Things, data is growing and becoming more accessib...

Latest PennEnergy Jobs

PennEnergy Oil & Gas Jobs