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Oil prices fall on economic worries after U.S. fuel stocks climb

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Oil prices dipped on Thursday, paring earlier gains, weighed down by worries abo...

SINGAPORE - Oil prices dipped on Thursday, paring earlier gains, weighed down by worries about the global economy and bigger-than-expected builds in oil product inventories in the United States, the world’s biggest oil consumer.

U.S. gasoline and distillate stockpiles rose more than expected last week, while crude inventories fell as refineries hiked production, the Energy Information Administration said on Wednesday. U.S. President Donald Trump on Wednesday said he was “the chosen one” to address trade imbalances with China, even as congressional researchers warned that his tariffs would reduce U.S. economic output by 0.3% in 2020.

 

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