Global oil prices dropped to US$108.18 per barrel, with the rising expectation of an increase in crude oil stocks in the U.S.
ISTANBUL - Global oil prices dropped to US$108.18 per barrel on Wednesday, with the rising expectation of a continued increase in crude oil stocks in the U.S.
Brent crude oil prices were around $108 to $109.3 on Tuesday and ended the day at $108.82. On Wednesday morning, prices were around $108.18 to $108.76. Prices are currently trading at around $108.50.
Analysts said the prices are affected by the huge increase of crude oil stocks in U.S.
The announcement by Libyan rebels in the beginning of April, that they were ready to begin talks with the government on ending a blockade of vital oil ports also continue to have positive effects on the prices, analysts said.
The price of U.S. West Texas crude oil dropped to $102.21 a barrel and closed at $100.80 a barrel on Tuesday. It is currently traded at around $100.05 a barrel.
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