Oil prices fall on economic woes, as U.S. crude stocks climb a third straight week
Thursday, 3 October 2019 02:23 WIB |
ENERGY |Minyak WTIMinyak MentahMinyak Brent
Oil futures declined Wednesday, with U.S. prices poised for their lowest finish in almost two months, as downbeat economic data weighed on prospects for energy demand, and domestic crude stockpiles registered a third straight weekly climb.
The U.S. added a modest 135,000 private-sector jobs in September, ADP said Wednesday, less than the forecast gain of 152,000. That followed data from the Institute for Supply Management a day earlier that showed its manufacturing index fell to 47.8% last month from 49.1%, marking the lowest level since June 2009.
West Texas Intermediate crude for November delivery fell 96 cents, or 1.8%, to $52.66 a barrel on the New York Mercantile Exchange, poised for the lowest front-month contract settlement since Aug. 8, according to FactSet data. December Brent, the global benchmark, declined by 98 cents, or 1.7%, to $57.91 a barrel on ICE Futures Europe.
The Energy Information Administration on Wednesday reported that U.S. crude supplies rose for a third week in a row, by 3.1 million barrels for the week ended Sept. 27.
Source : MarketWatch