Oil Steadies After Big Plunge On High Inventories, Lower Demand Forecasts

www.oann.com | 3/28/2019 | Staff
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TOKYO (Reuters) – Oil prices steadied on Thursday, after slumping as much as 4% in the previous session to nearly five-month lows on the back of a further buildup in U.S. crude stockpiles and worries about lower demand growth.

Brent crude futures were up 12 cents, or 0.2%, at 60.09 by 0035 GMT. They fell 3.7% on Wednesday to settle at $59.97 a barrel, the international benchmark’s lowest close since Jan. 28.

US - West - Texas - Intermediate - Crude

U.S. West Texas Intermediate crude futures were also 12 cents, or 0.2%, higher at $51.26. They ended 4.0% lower in the previous session at $51.14 a barrel, the lowest close since Jan. 14.

The U.S. Energy Information Administration (EIA) on Wednesday reported domestic crude stockpiles rose unexpectedly for a second week in a row, climbing 2.2 million barrels last week after analysts had forecast a decrease of 481,000 barrels.

Barrels - US - Stocks - July - %

At 485.5 million barrels, U.S. commercial stocks were at their highest since July 2017 and about 8% above the five-year average for this time of year, it said.

On Tuesday, the EIA cut its forecasts for 2019 world oil demand growth.

Outlook - Hedge - Fund

The negative outlook is prompting hedge fund...
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