Oil falls over 2% on weaker demand growth, gain in US crude stocks
US Energy Information Administration cuts forecast for 2019 world oil demand growthLONDON: Oil prices fell more than 2% on Wednesday, weighed down by a weaker outlook for demand and a rise in US crude inventories despite expectations of extended supply cuts led by OPEC. Brent crude futures, the international benchmark for oil prices, were down $1.54, or 2.47%, at $60.75 a barrel by 1110 GMT. The US Energy Information Administration (EIA) cut its forecasts for 2019 world oil demand growth and US crude production on Tuesday. A surprise increase in US crude stockpiles also kept oil prices under pressure. Goldman Sachs said in a note that an uncertain macroeconomic outlook and volatile oil production from Iran and others could lead OPEC to roll over supply cuts.
Source: The Express Tribune June 12, 2019 12:33 UTC
