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Brent crude and West Texas Intermediate continue extended losses today for a fourth consecutive day trading near the lowest level in six years. Today the World Bank lowered its economic growth outlook for 2015 and 2016 to 3.0% respectively 3.3% citing weaker economies in Europe, japan and other major economies.
Yesterday OPEC officials re-affirmed that the organization is going to fight for market share, blaming the U.S. shale drillers of oversupplying the market. Mohammed al-Mazroui statet that the "strategy will not change" at a Gulf energy conference in Abu Dhabi and that high-cost producers should be the first to cut production. According to Kuwait Oil Minister Ali Al-Omair only increased global economic growth can absorb the glut estimated at 1.8 million barrels a day.
Yesterday data showed API U.S. crude inventories rose by 3.9 million barrels in the week ended January 9.
Market participants look ahead to the official U.S. Crude Oil Inventories due at 15:30 GMT to get further information on the strength of demand of the world's largest consumer of oil.
Brent Crude lost -0.11%, currently trading at USD46.54 a barrel. West Texas Intermediate declined by -0.50% currently quoted at USD45.66 adding to this week's massive sell-off.
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