Oil prices slump after report of rising US stocks
Sentiment is sandwiched between a darkening global economic outlook and looming Iranian supply shortages, a PVM Oil Associates analyst says
London — Oil prices fell on Wednesday, weighed down by a gloomier global economic outlook and a report of rising US crude inventories, even as US sanctions on Tehran threatened to curb Iranian crude oil supplies. Global benchmark Brent crude oil was down 50 US cents a barrel at $71.96 by 8.30am GMT. US light crude was 55c lower at $66.49. "Sentiment is sandwiched between a darkening global economic outlook and looming Iranian supply shortages," said Stephen Brennock, analyst at London brokerage PVM Oil Associates. US crude stocks rose by 3.7-million barrels in the week to August 10, to 410.8-million barrels, private industry group the American Petroleum Institute (API) said on Tuesday. Crude stocks at the Cushing, Oklahoma, delivery hub rose by 1.6-million barrels, the API said. Official US oil inventory data was due to be published later on Wednesday by the Energy Information Administration. Investors are concerned by the health of the world economy at a time of escalating trade di...
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