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Oil price slips as analysts expect stocks to have risen

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While Opec supply cuts have lifted oil more than 30% in 2019, gains have been limited by worries that slowing economic growth could weaken demand for fuel

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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