Crude Oil Edges Lower On Demand Growth Concerns

WASHINGTON (Alliance News) - Crude oil prices are edging lower Tuesday morning, amid prospects of ...

Alliance News 6 November, 2018 | 11:44AM
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WASHINGTON (Alliance News) - Crude oil prices are edging lower Tuesday morning, amid prospects of a drop in demand for crude due to the likely impact of the ongoing US- China trade disputes on global economic growth.

Last week's data from the US Energy Information Administration revealed that US crude stockpiles increased for a sixth successive weak, although the increase was less than expected.

Also, with output from Saudi Arabia and Russia rising notably and the Trump administration granting sanctions exemptions to some top buyers of Iranian oil, including India, China and South Korea, supply worries are subsiding fast.

Crude oil futures for December were drifting down by USD0.30, or 0.49%, to USD62.80 a barrel. On Monday, crude oil futures ended down USD0.04, or less than 0.1%, at USD63.10 a barrel.

The American Petroleum Institute will come out with its weekly oil report after trading hours today.

The official crude inventory data from the Energy Information Administration is due on Wednesday morning.

Copyright RTT News/dpa-AFX

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