Crude Oil Prices Further Fall

Oil prices slipped for a forth session this morning,  further adding to losing trend. This comes after an incline in U.S. inventories surprised investors.

Now, oil trades at $55.31, which is a very minor gain of 0.44 or 0.80% from the previous close of $54.87.

The daily range is from $54.84 — 55.31, while the trading volume is 34.591K.U.S.

West Texas Intermediate (WTI) crude futures dropped by 16 cents, 0.3%, at $54.89 a barrel, after declining 0.9%.

Yesterday, the Federal Reserve reduced its interest rates for a third time this year and signaled it plans no further rate cuts.

Crude inventories jumped 5.7 million barrels in the week to Oct. 25, according to the U.S. Energy Information Administration.

On Tuesday, the American Petroleum Institute, an industry group, had announced a retreat of 708,000-barrel in inventories.

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