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[size=36]Oil slips after U.S. stockpiles grow and demand hopes limit losses[/size]
Economy | 10:02 - 18/12/2019
Follow-up - Mawazine News
Oil prices fell on Wednesday after US data showed a surprising growth in crude stocks, but expectations for stronger demand next year prevented a further drop in prices.
The decline comes after gains of more than one percent in the previous session, as the announcement of the "one stage" trade agreement between the United States and China last week eased pressure on standard raw materials. Prior to the agreement, oil markets were affected by concerns about the impact of the trade dispute between the world's two largest oil consumers.
Brent crude futures fell 33 cents, or 0.5 percent, to $ 65.77 a barrel by 0515 GMT. Global crude gained 1.2 percent to $ 66.10 a barrel on Tuesday.
US West Texas Intermediate crude fell 43 cents, or 0.71 percent, to $ 60.51 a barrel.
The American Petroleum Institute data showed that American crude stocks increased by 4.7 million barrels in the week ending December 13 to 452 million, compared to analysts' expectations for a drop of 1.3 million barrels.
Oil prices fell on Wednesday after US data showed a surprising growth in crude stocks, but expectations for stronger demand next year prevented a further drop in prices.
The decline comes after gains of more than one percent in the previous session, as the announcement of the "one stage" trade agreement between the United States and China last week eased pressure on standard raw materials. Prior to the agreement, oil markets were affected by concerns about the impact of the trade dispute between the world's two largest oil consumers.
Brent crude futures fell 33 cents, or 0.5 percent, to $ 65.77 a barrel by 0515 GMT. Global crude gained 1.2 percent to $ 66.10 a barrel on Tuesday.
US West Texas Intermediate crude fell 43 cents, or 0.71 percent, to $ 60.51 a barrel.
The American Petroleum Institute data showed that American crude stocks increased by 4.7 million barrels in the week ending December 13 to 452 million, compared to analysts' expectations for a drop of 1.3 million barrels.
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