Oil Falls on Weaker Oil Demand Growth, Surprise Rise in U.S. Crude Stocks
Wednesday, 12 June 2019 08:03 WIB |
Oil prices fell on Wednesday, weighed down by a weaker oil demand outlook and a rise in U.S. crude inventories despite growing expectations of ongoing OPEC-led supply cuts.
Brent crude futures, the international benchmark for oil prices, were down 76 cents, or 1.22%, at $61.53 a barrel by 00:36 GMT.
U.S. West Texas Intermediate (WTI) crude futures were down 79 cents, or 1.3%, at $52.58 per barrel.
The U.S. Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and U.S. crude oil production in a monthly report released on Tuesday.
It reduced its 2019 world oil demand growth forecast by 160,000 barrels per day (bpd) to 1.22 million bpd, although it also wound back its forecast for 2019 U.S. crude production to 12.32 million bpd, 140,000 bpd less than the May forecast.
Source : Reuters