2023-11-08T04:35:36+00:00
A-
A
A+
/ Oil prices fell, on Wednesday, to their lowest levels in more than three months, after data showed a significant increase in US crude supplies, while conflicting Chinese economic data raised concerns about global demand for crude.
Brent crude futures fell 25 cents to $81.36 per barrel by 0001 GMT, while US crude futures fell 35 cents to $77.02 per barrel. Both fell to their lowest level since July 24 in early Asian trading.
Market sources said late yesterday, Tuesday, citing figures from the American Petroleum Institute, that US crude oil inventories rose by about 12 million barrels last week.
The US Energy Information Administration will postpone the release of weekly inventory data until the week of November 13.
The administration said yesterday that crude oil production in the United States will rise this year slightly less than previously expected, while demand will decline.
The Energy Information Administration currently expects that total oil consumption in the United States will decrease by 300,000 barrels per day this year, a decline from its previous forecast of an increase of 100,000 barrels per day.
Data from China, the world’s largest oil consumer, also raised doubts about demand expectations.
The world’s second-largest economy’s imports of crude oil increased sharply in October, but its total exports of goods and services contracted faster than expected, raising fears of a decline in global energy demand.
Adding to the pressure on oil prices is the modest recovery of the dollar from its recent lows, making oil more expensive for holders of other currencies.