The market is worried more supply is coming to market as demand slows.
The U.S. benchmark has shed more than 5% this week, while the Brent global benchmark is down 7.2%.U.S. crude oil traded above $69 per barrel on Thursday, hovering near a nine-month low as the market worries about the supply and demand balance for the rest of the year.
"Oil demand is faltering in China, and here in the United States the gasoline driving season has now ended," Andy Lipow, president of Lipow Oil Associates, told CNBC's"Street Signs" Thursday."We're going into a lower demand period as far as the consumer goes and to top that off we're going into the seasonal refining maintenance period in the United States and Europe that is going to decrease crude oil demand," Lipow said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Bitcoin holds $56,000 level as Metaplanet announces a $69 million investment to bolster its holdingsBitcoin's (BTC) price is recovering its initial weekly losses, trading 1.2% higher at $56,666 at the time of writing on Wednesday after a 7% drop on Monday.
Read more »
Reviewers Say This Lulus $69 Slip Dress Makes You ‘Feel Like A Princess’: Get Yours NowHere's where to buy the Lulus midi slip dress online.
Read more »
Rothy’s Floral Ballet Flats Give ‘Pillow-Like’ Comfort And Are On Sale for Just $69Besides offering an elevated exterior, the Petal Square ballet flats were made to be more eco-friendly, using materials made from recycled plastic bottles. To help keep the shoes fresh, they're also machine washable allowing you to throw them in with a load and get clean, crisp shoes every tme.
Read more »
$69 Million in Ethereum (ETH) Sent to Major Crypto ExchangeEthereum witnessed intense selling pressure from whales
Read more »
Democrats Upset After State Turns Down $69 Million in RebatesThe rebates look to help Americans who make home energy efficiency upgrades or appliance purchases across the country.
Read more »
Powerball: See the winning numbers in Saturday’s $69 million drawingCheck your numbers to see if you hit it big in Saturday's jackpot.
Read more »