London Brent crude for November delivery was down 4 cents at $47.22 a barrel by 2018 EST on Wednesday, after settling down 37 cents on Tuesday. NYMEX crude for October delivery was down 8 cents at $44.75, after settling up 39 cents on Tuesday. Saudi Arabia's Foreign Minister Adel al-Jubeir said on Tuesday it would go along with a freeze in oil output if other producers agreed one but cautioned that Iran, which is aiming to raise output to pre-sanction levels, could foil any attempt to limit output. US commercial crude inventories likely fell by 100,000 barrels last week after rising for two straight weeks, a preliminary Reuters poll showed on Tuesday. Gasoline stocks likely fell by 500,000 barrels, while distillate stocks are forecast to have increased by 1 million barrels, the poll showed.

Source: bd News24 September 07, 2016 00:33 UTC