Oil prices drop on swelling U.S. stockpiles, but markets remain tense
LONDON - Oil prices fell on Wednesday after industry data showed an increase in U.S. crude inventories and on demand concerns linked to a protracted trade war between China and the United States.
Brent crude futures were down 70 cents at $71.48 a barrel by 0906 GMT and are set for their biggest daily fall in eleven days.“Buying pressures are sandwiched between mounting geopolitical disruption risks in the Middle East and jitters over the fallout from the intensifying U.S.-China trade dispute,” PVM’s Stephen Brennock said in a note.
The conflict is weighing on economic growth forecasts and with that, oil demand predictions. The Organisation for Economic Co-Operation and Development on Tuesday revised down its global growth forecast for the year. Beyond market fundamentals, oil traders are looking to the tensions between the United States and Iran. On Tuesday, acting U.S. Defense Secretary Patrick Shanahan said threats from Iran remained high.
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