On September 22, global oil prices tumbled again after a long-awaited rise earlier this week. So crude entered the bear market on the back of mixed statistics from the US Energy Information Administration.
November Brent futures sank about 2.7% to $48.03 a barrel. US light crude closed down $1.88, or 4.1%, at $45.74 a barrel.
Low prices of energy commodities have already made a bad impact on the oil output in the United States. Therefore, traders working with oil futures are monitoring closely weekly data on US commercial crude stockpiles.
The Energy Information Administration reported US inventories fell by 1.9 million barrels last week, compared with analysts' expectations for a decrease of 533,000. The EIA said gasoline stockpiles rose 1.4 million barrels versus the Reuters poll which called for a 819,000-barrel gain.
Commodity strategists assume that changes in US oil inventories will determine global oil prices. The question is still open whether WTI will outweigh Brent or both crude brands will reach a parity level.
According to government data, oil production in the US contracted to 9.1 barrels per day last month.
