US Oil Price At $44.66 Per Barrel

Oil prices settled more than 1 percent lower on Thursday as markets recovered from shock over US President-elect Donald Trump’s victory and focused on oversupply concerns, as well as whether OPEC will decide later this month to cut production.

Most markets shook off post-election losses and bounced back on Thursday, but oil still faces a glut that has kept prices under pressure for much of the past two years.

Crude oil prices are declining. Benchmark U.S. crude fell 61 cents, or 1.3 percent, today to close at $44.66 a barrel in New York. Meanwhile, Brent crude used to price international oils, lost 52 cents, or 1.1 percent, to close at $45.84 a barrel in London.

The U.S. Energy Information Administration on Wednesday reported a 2.4 million-barrel rise in domestic crude inventories to 485 million barrels last week.

The US Energy Information Administration on Wednesday reported a 2.4 million-barrel rise in domestic crude inventories to 485 million barrels last week.

“When the physical markets are weak, that influences people to hedge their cargos, and that results in selling,”

-said Scott Shelton, energy futures broker with ICAP in Durham, North Carolina

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