Oil falls but losses limited by new Brexit deal
Industry data shows larger-than-expected build-up in US inventoriesLONDON: Oil prices fell on Thursday as industry data showed a larger-than-expected build-up in US inventories but losses were limited after the United Kingdom and the European Union announced they had reached a deal on Brexit. Global benchmark Brent crude oil was down by $0.15 at $59.27 a barrel by 1045 GMT. US West Texas Intermediate (WTI) crude oil was down $0.23 at $53.13. “US sanctions imposed on the Chinese shipping company Cosco are seriously denting demand for imported crude oil… This has a profound impact on US crude oil inventories as reflected in last night’s API report,” said Tamas Varga, an analyst at PVM Oil Associates. Still, the new Brexit deal helped limit the fall in oil prices.
Source: The Express Tribune October 17, 2019 10:52 UTC
