Oil falls on swelling U.S. stockpiles, Venezuela adds to market uncertainty

"U.S. oil stocks are swelling due to an upswing in crude inventories ... the glut alarm bells are ringing louder in the U.S.," PVM Oil Associates strategist Stephen Brennock said.

Oil markets have already tightened this year due to supply cuts led by the Organization of the Petroleum Exporting Countries as well as U.S. sanctions on Venezuela and Iran. "The Iran sanctions come on top of already fragile supplies and raise concerns about tightening markets," said Norbert Ruecker, head of research at Swiss bank Julius Baer.

"Recent comments from al-Falih confirm our view that the kingdom will respond cautiously with other oil producers and not pre-emptively ramp up production," said Giovanni Staunovo, analyst at UBS in Zurich.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil major Total targets expansion in retail power marketThe French energy group is on course to hit target ahead of schedule
Source: BDliveSA - 🏆 12. / 63 Read more »

Greenpeace activists explore oil, gas in Norwegian Arctic - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.Greenpeace activists on Monday climbed aboard a Seadrill drilling rig commissioned by Equinor to explore for oil and gas in the Norwegian Arctic, the group told Reuters. Hope it is truly worth it
Source: SABC News Online - 🏆 32. / 51 Read more »

Oil major Total targets expansion in retail power marketThe French energy group is on course to hit target ahead of schedule
Source: BDliveSA - 🏆 12. / 63 Read more »