On Tuesday it dipped 19 cents to $46.67. "Those who were hoping for some upside from any sort of production agreement appear to have their hopes dashed," said Ric Spooner, chief market analyst at CMC Markets in Sydney. "It looks like there are speculative longs quitting the market. "Indications of higher-than-expected US stockpiles is also dragging on sentiment.The API report typically comes a day before official inventory data from the US government's Energy Information Administration (EIA).The API bases its numbers on voluntary reporting by members, while the EIA uses a bigger sample. Traders say oil prices could drop further if the government data confirms the large build.

Source: Economic Times November 02, 2016 06:31 UTC