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.

Economies are so overwhelmingly friendly to new ideas Oil may not be greenbuck of the future 🤑🤑🤑

Italia Ultime Notizie, Italia Notizie

Similar News:Puoi anche leggere notizie simili a questa che abbiamo raccolto da altre fonti di notizie.

Oil stable as market eyes ongoing supply cuts amid downturnOil prices stabilized on Tuesday on expectations that producer group OPEC and it... One beautiful Picture
Fonte: Reuters - 🏆 2. / 97 Leggi di più »

Oil rises on supply cuts, but weak economy holds market backOil prices rose on Monday after Saudi Arabia said producer club OPEC and Russia ... Oil raising bases on a bunch of old dudes in a boardroom (with some quality oak furniture) saying so, afterwards eating digestibles and tea and discussing The Hampton’s.
Fonte: Reuters - 🏆 2. / 97 Leggi di più »