almal > RightWingAd
almal > LeftWingAd

Oil prices drop on rising US crude supply, but OPEC cuts support

Thursday 07 February 2019 10:25 AM

oil
oil


Reuters:
Oil prices fell on Thursday after U.S. crude inventories rose and the country’s production held at record levels, but OPEC-led supply cuts and Washington’s sanctions against Venezuela supported markets.
U.S. West Texas Intermediate (WTI) crude futures were at $53.66 per barrel at 0744 GMT, down 35 cents, or 0.7 percent, from their last settlement.

International Brent crude oil futures fell 39 cents, or 0.6 percent, to $62.30 per barrel.

U.S. crude oil inventories climbed by 1.3 million barrels in the week that ended Feb. 1 to 447.21 million barrels, data from the Energy Information Administration (EIA) showed on Wednesday.
Meanwhile, average weekly U.S. crude oil production remained at the record 11.9 million barrels per day (bpd) it reached in late 2018. The United States is currently the world’s largest oil producer, ahead of traditional top suppliers Russia and Saudi Arabia.

There are also concerns that an economic slowdown could soon weigh on growth in fuel demand, with German industrial output unexpectedly falling in December for the fourth consecutive month.




فيسبوك
تويتر
يوتيوب