Oil price slips as analysts expect stocks to have risen
While Opec supply cuts have lifted oil more than 30% in 2019, gains have been limited by worries that slowing economic growth could weaken demand for fuel
London/Singapore — Brent oil slipped to about $71 a barrel on Tuesday, pressured by the expectation of higher US inventories and concern about Russia's willingness to stick with Opec-led supply cuts. Analysts on average expect US crude stockpiles to have risen by 1.9-million barrels last week, the fourth straight increase. The first of this week's stockpile reports is due at 8.30am GMT from the American Petroleum Institute. "We have already seen these inventories going higher in the last week's print," said Naeem Aslam, chief market analyst at TF Global Markets in London. "The rising inventory data has raised many questions for investors — no one wants to see the oil glut again." Brent crude, the global benchmark, was down 12 US cents at $71.06 a barrel at 8.01am GMT. US West Texas Intermediate (WTI) crude gained 6c to $63.46. While Opec-led supply cuts have boosted Brent by more than 30% in 2019, gains have been limited by worries that slowing economic growth could weaken demand fo...
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