Oil declines to six-month low amid US demand concerns

10 months ago

Oil prices declined in European trade for another session with US crude hitting six-month lows while Brent plumbed three-week lows amid concerns about US demand. 


Global Prices


US crude declined 1.3% to $89.65 a barrel, the lowest since February 18, while Brent shed 1.8% to $95.40 a barrel, the lowest since July 14.


US crude fell 3.2% on Wednesday, while Brent shed 2.9% after OPEC + decided to hike production next month.


US Stocks 


Official US data showed crude inventories rose 4.5 million barrels to 426.6 million barrels last week, while analysts expected a drawdown of 1.4 million barrels.


Gasoline stocks rose 0.2 million barrels to 225.3 million barrels, while distillate stocks fell 2.4 million barrels to 109.3 million barrels.


US production steadied last week unchanged at 12.1 million bpd, the highest in two years.


OPEC Plus 


OPEC + in association with Russia increased output by 100 thousand bpd in September, which supplies the market with much needed relief, however in a slower pace than previous months.

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