An oil tanker at Jose refinery cargo terminal in Venezuela. Picture: REUTERS/JORGE SILVA/FILE PHOTO
Global benchmark Brent crude oil futures was down by 47 cents, or 0.8%, at $58.95 a barrel by 3.30am GMT. US crude inventories soared by 10.5-million barrels to 432.5-million barrels in the week to October 11, according to the American Petroleum Institute’s weekly report, published ahead of official government stocks data due on Thursday.
It comes amid concerns about the global economy — and therefore oil demand — as data from the US showed retail sales fell for the first time in seven months in September. That followed earlier data showing a moderation in job growth and services sector activity.
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