Crude oil prices fell Wednesday morning amid further evidence that supplies are outpacing demand.
Prices have plumetted in 2014 as OPEC continued to pump mass quantities of oil despite increased production from non-OPEC nations like the U.S. and Canada.
From a summertime peak above $100 a barrel, U.S. WTI crude dropped to below $53 this week, a 5-year low. On the final day of trading this year, oil is set for its biggest yearly loss since 2008.
U.S. crude for February was down $1.10 at $53.02 on the New York Mercantile Exchange this morning.
That's after the American Petroleum Institute said late Tuesday weekly total U.S. crude stockpiles rose by 760,000 barrels.
The U.S. Energy Information Administration is set to release storage data for the week ended Dec. 26 on Wednesday.
Meanwhile, Saudi Arabia's King Abdullah bin Abdulaziz was admitted to a hospital Wednesday for medical tests.
The material has been provided by InstaForex Company – www.instaforex.com