MTECHTIPS;-Oil prices fall on weaker demand growth, surprise gain in US crude stocks

MTECHTIPS;-Oil prices fall on weaker demand growth, surprise gain in US crude stocks MTECHTIPS-Oil prices fell nearly 2% on Wednesday, weighed down by a weaker 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 $1.16, or 1.86%, at $61.13 a barrel by 0616 GMT. U.S. West Texas Intermediate (WTI) crude futures were down $1.04, or 1.95%, at $52.23 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. The EIA lowered its 2019 world oil demand growth forecast by 160,000 barrels per day (bpd) to 1.22 million bpd and wound back its forecast for 2019 U.S. crude production to 12.32 million bpd, 140,000 bpd less than the May forecast. A surprise increase in MTECHTIPS-Apply For 2 Days Free Trails Equity & Commodity Tips WWW.MTECHTIPS.COM 07489294118-119
Published on Jun 12 2019 5:21PM, by MTECHTIPS in Commodity tips| Share This