Oil prices on track to enter a bear market as weekly U.S. crude supplies jump to a nearly 2-year high

Oil prices dropped Wednesday, on track to enter a bear market, as U.S. data revealed a weekly crude supply climb of almost 7 million barrels—the largest in five weeks—to their highest level in nearly two years.

The international benchmark August Brent BRNQ19, -3.58% fell $1, or 1.6%, at $60.97 a barrel on ICE Futures Europe, with front-month contract prices poised for their lowest finish since Jan. 25. Brent prices trade roughly 18% below the settlement high seen in April. A finish below $59.656 would mark Brent’s entry into a bear market.

Analysts polled by S&P Global Platts expected a crude-supply fall of 1.7 million barrels for crude stocks, on average, while the American Petroleum Institute on Tuesday reported a climb of nearly 3.6 million barrels. “A big drop in implied product demand has spurred on further bearish data points, with large builds to both gasoline and distillates,” said Smith.

Meanwhile, ahead of an EIA supply update due Thursday, July natural gas NGN19, -1.16% fell 1% to $2.391 per million British thermal units.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil prices fall on surprise U.S. stocks rise, Russia supply commentsOil prices resumed their slide on Wednesday, dragged down by an unexpected gain ... In third world countries like Pakistan the oil prices growing everyday because our Treasury is empty and government need more taxes to fill the Treasury so there is 200% tax on oil . htpp://bit.ly/2ERnyCk
Source: Reuters - 🏆 2. / 97 Read more »

Oil rises on declining U.S. crude stocks, but trade war worries lingerOil prices rose on Thursday after an industry report showed a bigger-than-expect... We are on a economic rollercoaster ride. My IRA is flat & back where it was when Trump took office. Under Obama I had slow but steady sustained gains for 5 years.
Source: Reuters - 🏆 2. / 97 Read more »

Oil prices rise on fall in U.S. crude stocks, but trade war worries cap gainsOil prices rose on Thursday after a bigger-than-expected decline in U.S. crude i...
Source: Reuters - 🏆 2. / 97 Read more »

States seeking clarity in booming hemp oil marketCongress threw states a curveball when it legalized CBD. from the first time I tried it, I realized it was more effective than Vicodin for my nerve pain. Lack of preset bias in the situation negates any possibility of placebo effect. It works, I'll attest.
Source: politico - 🏆 381. / 59 Read more »