Oil prices fall on weaker demand growth, surprise gain in U.S. crude stocks

SEOUL - Oil prices fell nearly 2% on Wednesday, weighed down by a weaker demand outlook and a rise in U.S. crude inventories despite growing expectations of ongoing OPEC-led supply cuts.

The EIA lowered its 2019 world oil demand growth forecast by 160,000 barrels per day to 1.22 million bpd and wound back its forecast for 2019 U.S. crude production to 12.32 million bpd, 140,000 bpd less than the May forecast.“Investors have been concerned about the recent rise in stockpiles in the U.S.,” ANZ bank said in a note.

With the next meeting of the Organization of the Petroleum Exporting Countries set for the end of June, the market is looking to whether the world’s major oil producers prolong their supply cuts.

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