Oil prices fall on signs of rising supply, economy worries


Oil prices fall on signs of rising supply, economy worries

Oil prices fell on Thursday to extend losses from the previous session, pressured by signs of rising supply and by growing concerns that demand may weaken on the prospect of a global economic slowdown. Brent crude futures for January had dropped 37 cents, or 0.49 percent, to $74.67 per barrel by 0527 GMT.

West Texas Intermediate (WTI) crude futures declined 29 cents to $65.02 a barrel. Both benchmarks posted their worst monthly performance since July 2016 on Wednesday, with Brent down 8.8 percent for the month and WTI shedding 10.9 percent. Thursday’s drops came after U.S. Energy Information Administration data showed U.S. crude inventories last week climbed for a sixth straight week.

“The strong build in oil inventories is likely to keep downward pressure on oil prices,” ANZ Research analysts said in a note. Meanwhile, a Reuters survey found the Organization of the Petroleum Exporting Countries (OPEC) boosted oil production in October to its highest since 2016, Read More

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