Oil prices fall on surging U.S. crude supply, economic slowdown
SINGAPORE - Oil prices were dragged down on Thursday by surging U.S. crude stockpiles and record production, while economic concerns cast doubt over growth in demand for fuel.
International benchmark Brent futures were at $71.52 per barrel at 0642 GMT, down 21 cents, or 0.3 percent, from their last close. U.S. crude inventories rose 7 million barrels to 456.6 million barrels in the last week, their highest since November 2017, the Energy Information Administration said on Wednesday.
There are also concerns that an economic slowdown will soon dent fuel consumption after the International Monetary Fund this week downgraded its global growth forecast to the lowest in a decade.Despite the surge in U.S. supply and the economic concerns, global oil markets remain tight amid supply cuts led by the Organization of the Petroleum Exporting Countries , U.S. sanctions on oil exporters Iran and Venezuela, and escalating fighting in Libya.
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Oil prices fall on surging U.S. crude supply, economic slowdownOil prices fell on Thursday, pressured as U.S. crude stockpiles surged to their ...
Weiterlesen »
Oil prices dip on surging U.S. crude stockpilesOil prices fell on Thursday after U.S. crude stockpiles surged to their highest ...
Weiterlesen »
Brent falls below $69 on higher U.S. oil inventories, outputOil prices fell for a second day on Thursday, with Brent briefly edging below $6...
Weiterlesen »
Fresh violence in Libya could provide new shock to oil marketsBrent and WTI oil futures are at their highest price since November last year.
Weiterlesen »
Fresh violence in Libya could deliver a new shock to oil marketsThe small number of U.S. troops in Libya assisting local forces in fighting al-Quaida have been pulled from the capital city due to 'security conditions on the ground.'
Weiterlesen »
Exclusive: Venezuela's PDVSA braces for low output from crucial crude upgradersVenezuelan state-owned oil company PDVSA expects its crucial crude upgraders to ...
Weiterlesen »
Dollar sags as commodity currencies draw support from crude oil surgeThe dollar sagged on Tuesday after weak U.S. economic data while commodity-linke...
Weiterlesen »
Carlyle Group to buy up to 40% stake in Spanish oil company from MubadalaThe Washington D.C. based firm plans to buy a 30 to 40% stake in Cepsa, which it values at $12 billion.
Weiterlesen »
Oil markets are tightening amid 'increasing effectiveness' of US sanctions, IEA saysOil markets are tightening at the start of the second quarter amid a flurry of intensifying risk indicators, the IEA said Thursday.
Weiterlesen »
Forces advance on Libyan capital, threatening to tip key OPEC oil producer into warGeneral Khalifa Haftar has recently sought to secure Libya's southern oil fields, and his forces are now moving west towards Tripoli.
Weiterlesen »