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      Crude price declines amid ample supplies, strong dollar

      2014-11-02 09:23 Xinhua Web Editor: Qin Dexing
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      U.S. crude price retreated Friday amid increasing global supplies and a stronger U.S. dollar, making the dollar-priced crude less attractive for buyers holding other currencies.

      Crude output from the Organization of Petroleum Exporting Countries grew by 53,000 barrels to 30.974 million barrels a day, the Bloomberg survey showed, reaching a 14-month high. OPEC's production accounts for about 40 percent of the world's oil supply.

      For the week ended Oct. 24, U.S. crude stockpiles in the United States increased 36,000 barrels to 8.97 million barrels per day, according to the Energy Information Administration (EIA), the highest level since 1986.

      Nationwide crude stockpiles in the United States increased 2 million barrels to 379.7 million last week. Stockpiles at Cushing, Oklahoma, the delivery point for WTI, gained 800,000 barrels to 21. 4 million.

      Crude prices also lost as U.S. dollar appreciated after the Bank of Japan's (BOJ) surprise expansion of stimulus.

      BOJ policy makers on Friday shocked market analysts by voting to increase its purchasing of Japanese government bonds from financial institutions so that their amount outstanding will increase at an annual pace of about 80 trillion yen.

      On the economic front, encouraging U.S. consumer data failed to support the crude prices.

      U.S. consumer confidence rose in October to the highest level since July 2007, according to a survey released Friday. The Thomson Reuters/University of Michigan's final reading of the October consumer sentiment index was 86.9, up from 84.6 in September, beating market expectations.

      Light, sweet crude for December delivery move down 58 cents to settle at 80.54 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for December delivery lost 38 cents to close at 85.86 dollars a barrel.

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