Surprise increase in US stock puts pressure on oil
Brent slips amid lingering concern over slowing global growth that may limit fuel demand
Sydney/Singapore — Oil prices declined on Thursday amid lingering concern over slowing global economic growth that may limit fuel demand and after a surprise build in US crude inventories. International Brent crude oil futures were at $60.89 a barrel at 3.52am GMT, down 25c, or 0.4%, from their last settlement, having closed down 0.6% in the previous session. US West Texas Intermediate (WTI) crude futures were at $52.40 a barrel, 22c lower from their last settlement. “Crude oil came under further pressure as concerns of faltering global growth remained at the forefront in investor’s minds,” ANZ Bank said. The prospects of future oil demand are getting clouded by the global growth worries, analysts said. “With the IMF downgrading 2019/20 and the continued rhetoric from Davos reiterating that they expect global growth to slow down over the next two years, is providing selling pressure in oil,” said Hue Frame, portfolio manager at Frame Funds in Sydney. Earlier this week, the Internati...
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