News Formal

Surge in US oil stocks pushes prices down

  • 📰 BDliveSA
  • ⏱ Reading Time:
  • 17 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 10%
  • Publisher: 63%

South Africa News News

Crude oil inventories in the US rose by six-million barrels last week, the American Petroleum Institute says

London — Oil prices slipped for a third day on Wednesday as a surge in US stocks reinforced concerns about lacklustre global economic growth, while hopes ebbed for any movement on the US-China trade war.

“The API data ... showed US inventories posted a rather robust increase last week, which if confirmed by the EIA report, could see oil prices continue to slide,” Oanda analyst Edward Moya said. Russia and other oil producers have agreed with Opec to cut 1.2-million barrels per day of output through March to bolster prices.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 12. in ZA

South Africa South Africa Latest News, South Africa South Africa Headlines

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

Oil falls again on trade deal fatigue and US crude stocks increaseRising Middle East tension, particularly in Iraq where a commodities port was blocked, is helping support oil prices
Source: BDliveSA - 🏆 12. / 63 Read more »