Front-month Brent crude futures, the international benchmark for oil prices, were down $0.31 or 0.49% at $63.51 per barrel by 1320 GMT. US West Texas Intermediate (WTI) crude futures were down $0.51 or 0.89% at $56.83 per barrel. “Gains were capped by the Energy Information Administration (EIA) reporting a weekly decline of 1.1 million barrels in crude stocks, versus the 3 million barrels forecast by analysts and 5 million barrels reported by the API a day earlier,” Cantor Fitzgerald Europe said. “Also providing headwinds were signs of a recovery in oil exports from Venezuela in June and growth in Argentinian output in May,” it added. That suggests oil demand in the United States, the world’s biggest crude consumer, could be slowing amid signs of a weakening economy.

Source: The Express Tribune July 04, 2019 15:22 UTC