NEW YORK, Oct. 30 (UPI) -- Crude oil prices indices moved down in parity Thursday following reports that OPEC output would hold steady and U.S. production had increased marginally.
Major stock indices struggled to find a consensus in Thursday trading after the U.S. Federal Reserve announced an end to the stimulus program known as quantitative easing. The Nikkei 225 Index was up 0.67 percent while the DAX index in Europe posted a drop of 0.92 percent.
West Texas Intermediate crude oil prices for December delivery drifted off its Wednesday mark to trade down 0.62 to $81.58 in early Thursday trading.
WTI, the U.S. benchmark, has been drifting toward the $80 mark because of supply and demand dynamics in the U.S. market. The U.S. Energy Information Administration said in its weekly report crude oil production for the week ending Oct. 24 averaged 8.97 million barrels per day, an increase of about one half of one percent from the previous week and 14 percent above the same week in 2013.
Brent crude oil followed a similar course, trading down 0.62 to $86.50 in early Thursday trading. Brent and WTI both have shed about 20 percent of their values since mid-summer, though long-term contracts for the international benchmark show a drift toward $90.
"Don't panic," he said. "I am sure the market will balance itself."