Oil continues to inch up as concerns over the shooting down of Russian warplane lingers

27-Nov-15

Oil prices continue to inch up, but at a slower pace, as concerns over shooting down by Turkey of a Russian warplane lingers. Oil prices held above US$43 a barrel in Asia after US commercial crude supplies rose at a slower pace. Data from the US Department of Energy showed the country’s commercial crude supplies rose by 1 mln barrels for the week ending November 20. The increase for a ninth straight week kept supplies more than 100 mln barrels above the five-year seasonal average and further confirmed the supply glut that has depressed prices for over a year. However, analysts noted that the increase was not as much as in previous rises and could be positive for prices in the longer term.