Oil prices fall as US inventories increase
16:25 - 23/05/2019
Information / Baghdad ..
Oil prices fell nearly 1 percent on Thursday, continuing losses from the previous session as US crude inventories rose and demand from refineries weakened.
By 0652 GMT, Brent crude futures were down 63 cents, or 0.9 percent, to $ 70.36 a barrel from the previous close. US WTI futures fell 51 cents, or 0.8 percent, to $ 60.91 a barrel. Crude futures are already down 2 percent the day before.
The US Energy Information Administration said on Wednesday that US crude inventories rose last week to their highest level since July 2017 due to weak demand from refineries.
"Concerns about slowing growth in demand for (oil) due to the negative impact of the US-China trade war on the global economy" also put pressure on oil prices, said Ole Hansen, chief commodities strategist at Saxo Bank. Finished 25 s