Oil prices fall on bloated US fuel inventories, stalling China demand
London — Oil prices slid on Wednesday to extend falls from the previous session, as a big increase in US crude inventories and a slump in Chinese demand implied that global oil markets remained oversupplied despite Opec-led efforts to cut output. International Brent crude futures were trading at $54.69 per barrel at 10.45am GMT, down 36 US cents from their previous close. US West Texas Intermediate (WTI) crude was at $51.69 a barrel, down 48c. The declines came after unexpectedly big increases in US fuel inventories, as reported by the American Petroleum Institute (API) on Tuesday. Crude inventories rose by 14.2-million barrels in the week to February 3 to 503.6-million barrels, compared with analysts’ expectations in a Reuters poll for a 2.5-million barrel increase. "If the official data from the US Department of Energy were to show a similar inventory build … US crude oil stocks would be catapulted to almost a record level," Commerzbank said in a note. The US Energy Information Ad...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.