Oil prices have fallen following a rise in US stockpiles.
Brent crude oil remained unchanged at $48.23 a barrel, while the US crude, also known as West Texas Intermediate was 10 cents lower at $45.13 a barrel, Reuters reported.
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Data released by the American Petroleum Institute (API) revealed that crude oil inventories in the US increased 4.6 million barrels in the week to 25 September.
Investors are keenly watching for official weekly inventory report from the US Government’s Energy Information Administration (EIA), which is due to be released later today to check with data provided by API.
Analysis from Reuters found that Saudi Arabia could increase its market share as it decided to increase prices.
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Organization of the Petroleum Exporting Countries (OPEC) members approached Kazakhstan’s energy minister to coordinate policies in a bid to encourage oil price growth.
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By GlobalDataKazakhstan, which is the second-largest oil producer among ex-Soviet countries, is not an OPEC member.
