Increase in inventories in the US adds to worries about a crude oversupply
Singapore — Oil prices were steady on Wednesday, after falling the past two days, as a surge in US stockpiles reinforced concerns about lacklustre global economic growth amid the trade war between the US and China, the world’s two biggest oil consumers.
US crude inventories rose 6-million barrels in the week to November 15 to 445.9-million, compared with analysts’ expectations for an increase of 1.5-million barrels, data from industry group the American Petroleum Institute showed late on Tuesday. “Oil is also feeling heavy after the Russians signalled they are unlikely to agree on deepening oil production cuts at the December Opec+ meeting,” said Edward Moya, an analyst at brokerage Oanda, in a note.
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