Oil Prices Plunge Ahead Of The Release Of US Crude Inventory Data

On Tuesday, the oil prices dropped ahead of the release of weekly US crude inventory data. May delivery for Brent futures was down at $51.09 a per barrel down by 53 cents or 1% as of 11:36 am EDT.

To drain crude from record stockpiles, from Jan the non-OPEC producers agreed to curb production by 1.8 million barrels per day (BPD) for six months. Even after this, the inventories remain large enough.

The investor has their eyes on the US inventories data to uncover rising stock levels after a surprise drop in the week to March 10.

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