The price of Brent oil declined below $82 a barrel on Wednesday amid weak economic data from China and an increased worldwide supply glut.
Reuters reported that Brent oil declined 75 cents to $82.05 a barrel, while US crude dropped 43 cents to $76.76 a barrel.
A private survey has revealed that services sector growth in China weakened in October.
Meanwhile, Brazil’s national oil regulator ANP said that the country’s oil production reached a record-high 2.358 million barrels per day in September, an increase of about 13% compared with the same period in 2013.
Oil prices were also affected by steady supply from Libya and Iraq.
Data from the American Petroleum Institute has revealed that US crude stocks declined by 639,000 barrels to 374.9 million barrels in the week to 31 October.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below formBy GlobalData
The US Government’s Energy Information Administration (EIA) is due to unveil its weekly inventory data later today.
Saudi Arabia’s move to cut oil prices for US customers resulted in the price loss of more than 2% on both sides of the Atlantic.
The move from the European Commission to downgrade its forecast for the eurozone’s economic growth in the next few years has also impacted oil prices.