Oil price slips as analysts expect stocks to have risen

LINED UP: An employee stands in front of oil barrels at Royal Dutch Shell’s lubricants-blending plant in the town of Torzhok, Russia. Picture: REUTERS

Analysts on average expect US crude stockpiles to have risen by 1.9-million barrels last week, the fourth straight increase. The first of this week's stockpile reports is due at 8.30am GMT from the American Petroleum Institute. "The rising inventory data has raised many questions for investors — no one wants to see the oil glut again."

While Opec-led supply cuts have boosted Brent by more than 30% in 2019, gains have been limited by worries that slowing economic growth could weaken demand for fuel.

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Oil prices slip on surging US crude stocks surgeUS crude inventories are now at their highest since November 2017 at 12.2-million bpd, but Opec-led cuts keep the market tight
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Oil rises on signs of a tightening marketBrent inches higher on support from Opec-led supply cuts and US santions on Iran and Venezuela South African fuel prices about to increase
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