Oil loses ground on unexpected increase in US crude stocks
US Energy Information Administration cut its forecasts for 2019 world oil demand growth and US crude oil production
12 June 2019 - 08:52
Seoul — Oil prices fell more than 1% on Wednesday, weighed down by a weaker oil demand outlook and a rise in US crude inventories despite growing expectations of ongoing Organisation of the Petroleum Exporting Countries (Opec) led supply cuts.
Brent crude futures, the international benchmark for oil prices, were down 87c, or 1.4%, at $61.42 a barrel by 2.31am GMT...
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.