Oil Prices Steady After Two-Day Drop As Growth Concerns Weigh

www.oann.com | 10/1/2019 | Staff
SINGAPORE (Reuters) – Oil prices were steady on Wednesday, after falling the past two days, as a surge in U.S. stockpiles reinforced concerns about lackluster global economic growth amid the trade war between the United States and China, the world’s two biggest oil consumers.

West Texas Intermediate (WTI) crude futures rose 11 cents, or 0.2%, to $55.32 a barrel by 0252 GMT, after falling 4.3% during the previous two sessions.

Crude - Futures - Barrel - Cents - %

Brent crude futures were at $60.93 a barrel, up 2 cents, or 0.03%. Brent dropped 3.8% during the prior two sessions.

U.S. crude inventories rose 6 million barrels in the week to Nov. 15 to 445.9 million, compared with analysts’ expectations for a increase of 1.5 million barrels, data from industry group the American Petroleum Institute showed late on Tuesday.

Increase - Inventories - United - States - World

The increase in inventories in the United States, the world’s biggest oil user, added to concerns about a crude oversupply raised after Reuters reported that Russia, the world’s second-biggest producer, was unlikely to back deepening output cuts when the Organization of the Petroleum Exporting Countries (OPEC) meet on Dec. 5-6 in Vienna.

Russia and other oil producers have agreed with OPEC to cut 1.2 million barrels per day of output through March to bolster prices, a producer group known as OPEC+.

Oil

“Oil is also feeling heavy after...
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