Where Your Speech Is Free And Your Comment Is King - Post A Link

THE NEWS COMMENTER

VOTE  (0)  (0)

Oil dips amid economic concerns after U.S. fuel stocks build


Added 08-22-19 01:03:03am EST - “Oil prices slipped on Thursday, paring earlier gains, weighed down by lingering ...” - Reuters.com

CLICK TO SHARE

Posted By TheNewsCommenter: From Reuters.com: “Oil dips amid economic concerns after U.S. fuel stocks build”. Below is an excerpt from the article.

SINGAPORE (Reuters) - Oil prices slipped on Thursday, paring earlier gains, weighed down by lingering worries about the global economy and bigger-than-expected builds in oil product inventories in the United States, the world’s biggest oil consumer.

“Oil markets continue to move lower after the gloomy surprise build in U.S. fuel inventories,” said Stephen Innes, managing partner at Valour Markets.

U.S. gasoline and distillate stockpiles rose more than expected last week, while crude inventories fell as refineries hiked production, the Energy Information Administration said on Wednesday.

“Overall oil prices have come under pressure from worries about the China-U.S. trade war, signs of slowing economic activity, evidence of slowing end-user oil demand, and reports of counter-seasonal OECD product inventories,” energy analytics firm Kayrros said in a note.

Traders were worried on the prospects of global oil demand especially amid trade tensions between the U.S and China, the world’s two biggest economies and oil users.

Read more...

Post a comment.

CLICK TO SHARE

BACK TO THE HOME-PAGE