Oil falls on weaker economic outlook as US stocks rise
World trade volume growth peaked in January, and since then has nearly halved to less than 3% by May
New York — Oil futures fell more than $1 a barrel on Wednesday, pressured by a weaker global economic growth outlook and a report of rising US crude inventories, even as Washington’s sanctions on Iran looked likely to curb that country’s crude supplies. Benchmark Brent crude oil was down $1.01 a barrel at $71.45 by 1.51pm GMT. US light crude fell $1.15 a barrel to a low of $65.89. "Oil bears are taking their turn in the driving seat," said Stephen Brennock, analyst at London broker PVM Oil Associates. "Adding to the weakening price backdrop are signs that a deepening trade spat between the US and China is undermining oil demand." 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. Investors are concerned about the world economy as trade disputes between escalate betwee...
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