Wednesday 23 October 2019

MTECHTIPS;-Oil slips after U.S. inventory build, but possible OPEC cuts support market

MTECHTIPS;-Oil slips after U.S. inventory build, but possible OPEC cuts support market
MTECHTIPS-Oil slipped on Wednesday after U.S. industry data showed a bigger-than-expected build in crude stockpiles, but possible deeper production cuts coming from OPEC and its allies prevented a further slide in prices. International benchmark Brent crude futures LCOc1 dropped 28 cents, or 0.47%, to $59.42 a barrel by 0123 GMT on Wednesday. West Texas Intermediate (WTI) crude futures CLc1 fell 40 cents, or 0.73%, to $54.08 per barrel. U.S. crude stocks rose by 4.5 million barrels to 437 million barrels in the week ended Oct. 18, compared with analyst expectations for a gain of 2.2 million barrels, data from industry group the American Petroleum Institute showed. API/S Inventory data from the U.S. Energy Information Administration (EIA) is due later on Wednesday. EIA/S The Organization of the Petroleum Exporting Countries (OPEC) is mulling whether to deepen production cuts amid concerns of weak demand growth next year, underpinning prices after helping to lift both benchmarks more than 1% in the previous session. oil prices jumped sharply (on Tuesday) on news that OPEC was considering further production cuts," ANZ Research said in a note, adding to earlier gains in the previous session as many companies posted improved outlooks


WWW.MTECHTIPS.COM
07489294118-119
Posted by at

No comments:

Post a Comment

Subscribe to: Post Comments (Atom)