Oil prices fell more than 0.5% on Thursday, weighed down by data showing a small...
SYDNEY - Oil prices fell more than 0.5% on Thursday, weighed down by data showing a smaller-than-expected decline in U.S. crude stockpiles and worries about the global economy.
Front-month Brent crude futures LCOc1, the international benchmark for oil prices, were down 1% at $63.21 per barrel by 0538 GMT. Brent closed up 2.3% on Wednesday. U.S. crude inventories USOILC=ECI dropped by 1.1 million barrels last week, the Energy Information Administration said on Wednesday. That compared with analyst expectations for a decrease of 3 million barrels.
That suggests oil demand in the United States, the world’s biggest crude consumer, could be slowing amid signs of a weakening economy. New orders for U.S. factory goods fell for a second straight month in May, government data showed on Wednesday, adding to the economic concerns.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
What’s the Difference Between Canola Oil and Vegetable Oil?What happens when you put these two popular oils head to head?
Read more »
Non-OPEC members back cartel's extension of production cutsThe current deal to support prices reduced production by 1.2 million barrels per day starting from January 1 for six months, and will now run into next year with the extension.
Read more »
OPEC's Barkindo says warmer ties with Russia haven't changed decision-making process for oil suppliesThe oil-producing cartel has officially agreed to extend production curbs until March 2020 after a meeting in Japan between Saudia Arabia's Crown Prince Mohammed Bin Salman and Russia's Vladimir Putin.
Read more »
OPEC is stepping in as oil prices send an ominous signal about the global economyOil prices were lower following the move by OPEC, a signal that growth concerns have overwhelmed expectations for lower supply.
Read more »
U.S. oil prices drop by nearly 5% to their lowest in 2 weeksOil futures dropped by almost 5% on Tuesday, settling at their lowest in roughly two weeks. 'The crude oil market has quickly digested the decision by...
Read more »
In battle for Libya's oil, water becomes a casualtyWhile Libya's oil lies at the heart of three months of fighting over Tripol...
Read more »