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US oil prices fell to their lowest in more than a month on Wednesday, as a growing number of indications indicated more supply.
According to the Energy Department's status report, the delivery hub for the West Texas Intermediate crude futures contracts rose by 216,000 barrels last week.
That was the first increase after five consecutive declines and could be a clue on where the benchmark US oil price is headed.
The price of oil fell to its lowest level since October 7. The price of oil hit a seven-year high last month as major economies around the world began to recover from the effects of the swine flu.
The International Energy Agency's monthly report on Tuesday said that rising supplies could ease the tightness in crude markets. The energy watchdog said that US producers will account for a large share of additional supplies.
The oil group said it sees signs of an oil supply surplus. In October, the Organization of the Petroleum Exporting Countries decided to keep its existing schedule of gradual hikes in oil production, ignoring calls for opening the taps at a faster rate to bring down prices.
President Joe Biden and Chinese leader Xi Jinping discussed the possibility of releasing more oil from their strategic reserves in a bid to control the unbalanced oil market, according to a report. Some releases have been made by both countries.
Edward Moya, senior equity analyst at Oanda, said in a Wednesday note that the fact that the world's two largest economies are discussing this is a significant step as the rising oil prices continue to stoke an overheating global economy.
He said that if the US and China are unable to reach a quick agreement on a coordinated reserve release, the price of crude should quickly recover to the $80 level. A formal announcement could cause further selling of crude that targets the $74 area.
Biden has spoken out about rising oil prices. In August, he asked the FTC to look into potential illegal conduct in the gasoline market and called on the Organization of the Petroleum Exporting Countries to increase output.
On Wednesday, the president sent a letter to the FTC chair requesting that she look into the evidence of anti-consumer behavior by oil and gas companies.
Business Insider has an original article.
