Oil prices slide on concerns of sharp economic slowdown

Oil prices slide on concerns of sharp economic slowdown

Brent closed down 0.2 per cent on Wednesday.

Global benchmark Brent crude fell slightly to $66.44 at 0712 GMT on Monday, while American benchmark West Texas Intermediate (WTI) saw prices of $58.67.

Oil prices have been supported for much of 2019 by the efforts of the Organization of the Petroleum Exporting Countries (OPEC) and non-affiliated allies like Russian Federation, together known as OPEC+, who have pledged to withhold around 1.2 million barrels per day (bpd) of supply this year to prop up markets.

USA crude inventories have drawn down for two straight weeks, slumping almost 10 million barrels in the latest EIA report.

Crude oil prices appeared headed lower for a third session early Monday in what analysts suggested could be a sentiment-driven pause before new gains considering tightness in the market related to OPEC cutting production at least into June.

The recent downward revisions in inflation and growth forecasts by the U.S. Federal Reserve due to ongoing headwinds from trade tensions and growing political fragmentation, and the notable drop in 10-year treasury yields impacted oil prices.

Читайте также: Prosecutor Who Dropped Charges Against Jussie Smollett Thinks Actor Is Guilty

Oil extended declines after President Donald Trump renewed his criticism on OPEC, saying the cartel should lift crude production. World Markets are fragile, price of Oil getting too high.

International Brent crude oil futures were at $67.63 a barrel at 0045 GMT, down 20 cents, or 0.3 per cent, from their last close.

Late Tuesday, the American Petroleum Institute (API) reported a 1.9 million barrel build during the week-ending March 22.

Worries about demand have limited oil's rally as manufacturing data from Asia, Europe and the United States pointed to an economic slowdown, although bullish bets by some investors are rising.

US crude inventories are forecast to have fallen by 2.4 million barrels in what would be a third straight weekly decline.

FILE PHOTO: Oil pours out of a spout from Edwin Drake's original 1859 well that launched the modern petroleum industry at the Drake Well Museum and Park in Titusville, Pennsylvania U.S., October 5, 2017.

При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
«» 2007 - 2019 Copyright.
Автоматизированное извлечение информации сайта запрещено.

Код для вставки в блог

Related Articles

  • NASA Cancels All-Female Spacewalk Due to Lack of Spacesuits

    NASA Cancels All-Female Spacewalk Due to Lack of Spacesuits

    The next spacewalk is tentatively scheduled for April 8 - although at this time it is also expected to be mix-gendered. NASA spokesperson Stephanie Schierholz said on Twitter that McClain had trained in both medium and large spacesuits.
    Pompeo Cautions Russia Over Reports Of Military Mission In Venezuela

    Pompeo Cautions Russia Over Reports Of Military Mission In Venezuela

    The Lima Group condemned Tuesday the presence of Russian military planes in Venezuela as a provocation threatening regional peace. According to Yahoo News, Maduro said on Twitter " criminal hands" set a "large scale fire" on Monday.
    Congo Ebola epidemic exceeds 1,000 cases: health ministry

    Congo Ebola epidemic exceeds 1,000 cases: health ministry

    Efforts to contain the spread have been impeded by poor security and violence in the region, where numerous militia groups are active.
  • In Our View: Release Mueller report to Congress, public

    In Our View: Release Mueller report to Congress, public

    He even offered Trump a faux-apology in the wake of Mueller's findings, looking solemnly into the camera and declaring, "Mr. Trump also said he had not thought about pardoning anyone convicted or who pleaded guilty in the Mueller probe.
    Thai military accused of 'rigged' election by former PM Thaksin

    Thai military accused of 'rigged' election by former PM Thaksin

    The Election Commission has until May 9 to submit official results, after which lawmakers will pick a prime minister. With almost all ballots counted Palang Pracharat, founded by the junta, was in the lead with 7 million votes.
    Pilots Of Crashed Ethiopian Jet Used Flight Simulator

    Pilots Of Crashed Ethiopian Jet Used Flight Simulator

    It did so after new information became available on the Ethiopian crash that indicated similarities with the Lion Air accident. American is the second-largest U.S. operator of the MAX in the United States with 24 jets, behind Southwest Airlines with 34.
  • GOP Launches House Energy Action Team to Counter Green New Deal

    GOP Launches House Energy Action Team to Counter Green New Deal

    But Lee's use of eye-catching visual aids in his denouncement of the broad climate change measure didn't stop there. One of the creators of the Green New Deal is coming to Eastern Kentucky.
    Cole: Champions League crucial if United want Bale

    Cole: Champions League crucial if United want Bale

    United are fifth in the Premier League table, two points behind Arsenal in fourth place and three adrift of Tottenham in third. Solskjaer has a number of players who are doubts for the clash after missing or returning home early from global duty.
    McDonald's to acquire 'decision logic' pioneers Dynamic Yield

    McDonald's to acquire 'decision logic' pioneers Dynamic Yield

    Over 92 percent of McDonald's restaurants worldwide are owned and operated by independent local business men and women. The acquisition builds on McDonald's recent advancements in the tech space to enhance the customer experience.
  • Sorry Republicans, Adam Schiff Isn’t Going Anywhere

    Sorry Republicans, Adam Schiff Isn’t Going Anywhere

    On Thursday morning, President Trump tweeted that Schiff should be forced to resign . "Little pencil-neck Adam Schiff ". And the day that we do think that is OK is the day we will look back and say that is the day America lost its way".
    Winning Powerball ticket worth $768.4M sold in New Berlin

    Winning Powerball ticket worth $768.4M sold in New Berlin

    Tickets sold in Arizona, California, Indiana, Missouri, New Jersey and NY matched five numbers and are worth $1 million each. Three tickets each won $50,000 in Saturday's drawing by matching four of the first five numbers plus the Powerball number.
    Smollett's lawyer welcomes cameras in courtroom

    Smollett's lawyer welcomes cameras in courtroom

    Insiders told the outlet that Smollett wanted to be in court to show that he is taking an active part in his own criminal defense. This is somebody who is in a position of power over my clients". "You have to look at what kind of relationship they had with Mr.