Oil prices on Thursday hovered around their lowest levels since January as marke...
SINGAPORE - Oil prices on Thursday hovered around their lowest levels since January as markets remain under pressure from rising U.S. supply and stalling demand amid an economic slowdown.
U.S. West Texas Intermediate crude futures were at $51.62 per barrel, 6 cents, or 0.1%, below their last settlement. Amid surging output, U.S. commercial crude oil inventories surged by 6.8 million in week to May 31, to 483.26 million barrels, their highest levels since July 2017.“Rising U.S. production is more than offsetting the efforts from the OPEC+ and if we add the negative effect a trade war could have on energy demand the result is lower prices,” said Alfonso Esparza, senior analyst at futures brokerage OANDA.
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