Oil prices drop amid ample supplies

New York, Nov 12 (IANS) Oil prices fell on Wednesday as the market expected the global supplies to exceed the demand.

The US Energy Information Administration (EIA) on Thursday will release the inventories data of last week. Traders expected the stockpiles to gain for another week.

US crude supplies gained 2.8 million barrels to 482.8 million barrels for the week ended Oct. 30, 102.6 million barrels more than a year ago, according to the EIA’s recent weekly report.

The Organization of Petroleum Exporting Countries (OPEC) maintained its output quota of 30 million barrels per day at its June meeting. The cartel’s output accounts for around 40 percent of the global crude output.

Moreover, OPEC leaders showed no intention to cut the output in face of the price plunge.

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